Sponsored by:
2010 Edition
Copyright 2010 by Vault.com, Inc. All rights reserved. All information in this book is subject to change without notice. Vault makes no claims as to the accuracy and reliability of the information contained within and disclaims all warranties. No part of this book may be reproduced or transmitted in any form or by any means, electronic or mechanical, for any purpose, without the express written permission of Vault.com Inc. Vault, the Vault logo, and The Most Trusted Name in Career InformationTM are trademarks of Vault.com, Inc. For information about permission to reproduce selections from this book, contact Vault.com, Inc., 75 Varick Street, 8th Floor, New York, NY 10013, (212) 366-4212. Library of Congress CIP Data is available. ISBN 13 : 978-1-58131-734-3
Acknowledgments
Thanks to everyone who had a hand in making this book possible. We are extremely grateful to Vaults entire staff for all their help in the editorial, production and marketing processes. Vault would also like to acknowledge the support of our investors, clients, employees, family and friends. Thank you!
Table of Contents
13
3. Morgan Stanley . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .28 4. Deutsche Bank AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .33 5. The Blackstone Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .38 6. HSBC Holdings plc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .43 7. Credit Suisse Group AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .48 8. UBS Investment Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .54 9. Citi Insitutional Clients Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .60 10. Barclays Capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .69 11. Standard Chartered Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .75 12. Macquarie Group Limited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .80 13. Nomura Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .85 14. Bank of America Merrill Lynch . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .91 15. BNP Paribas SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .98 16. Citigroup, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .103 17. Socit Gnrale SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .112 18. Rothschild . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .116
Customized for: vinh (phamvinh@nus.edu.sg)
19. ING Groep N.V. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .120 20. DBS Bank Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .124 21. CLSA Asia-Pacific Markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .129
22. The Royal Bank of Scotland plc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .133 23. Mitsubishi UFJ Financial Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .138 24. Bank of China . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .141
25. Australia and New Zealand Banking Group Limited (ANZ) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .145
vii
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition
Table of Contents
151
Agricultural Bank of China Limited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .153 The Bank of East Asia, Limited (BEA) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .157 Bank of Thailand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .161 Bendigo and Adelaide Bank Limited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .164 BOC International Holdings Limited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .168 China Construction Bank Corporation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .172 China Galaxy Securities Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .175 China International Capital Corporation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .178 China Merchants Securities Co., Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .182 CIBC World Markets Inc. (CIBCs Wholesale Banking Division) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .185 CIMB Group Holdings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .189 CITIC Securities Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .193 Commonwealth Bank Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .196 Daiwa Securities Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .201 GF Securities (Guangfa Securities) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .204 Guotai Junan Securities Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .207 Haitong Securities Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .210 Hana Financial Group Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .213 Hang Seng Bank (china) Limited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .218 HDFC Bank Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .221 Hyundai Securities Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .224 ICICI Bank Limited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .226 Industrial and Commercial Bank of China Limited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .229 Korea Development Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .232 Kotak Mahindra Capital Company . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .235 Metropolitan Bank and Trust Company (Metrobank) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .238 Mizuho Financial Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .243 National Australia Bank Limited (NAB) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .246
Customized for: vinh (phamvinh@nus.edu.sg)
OCBC Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .250 Ping An Securities Company Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .253 RBC Capital Markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .256 Samsung Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .259 Shanghai CFETS-ICAP International Money Broking Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .262 Shinhan Financial Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .265 State Bank of India . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .268
viii
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition
Table of Contents
Sumitomo Mitsui Banking Corporation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .271 Sun Hung Kai Financial . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .273 Taifook Securities Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .276 United Overseas Bank Limited Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .278 The Westpac Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .281 Woori Financial Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .286
Visit Vault at www.vault.com for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.
ix
FIRM FACTS
Departments: The firms major divisions. The Stats: Basic information about the firm, usually information thats available to the general public. This includes the firms leadership (generally, the person responsible for day-to-day operations, though it can include the chairman and relevant department heads), employer type (e.g., public, private or subsidiary), ticker symbol and exchange (if public), 2008 or 2009 revenue and net income (usually only for public companies; we do have some estimates from third-party sources for private companies and, in some cases, the firm has confirmed that information), number of employees and number of offices. Key Competitors: The firms main business rivals. Size, business lines, geography and reputation are taken into account when evaluating rivals. Uppers and Downers: The best and worst things, respectively, about working at the firm. Uppers and downers are taken from the opinions of insiders based on our surveys and interviews. Employment Contact: The person (or people) that the firm identifies as its contact(s) for submitting resumes or employment inquiries. Weve supplied as much information as possible, including names, titles, mailing addresses, phone or fax numbers, email addresses and websites. As companies process resumes differently, the amount of information may vary. For example, some firms ask that all employment-related inquiries be sent to a central processing office, while other firms mandate that all job applications be submitted through the company website.
THE PROFILES
Most profiles are divided into three sections: The Scoop, Getting Hired and Our Survey Says (some profiles have only Scoop and Getting Hired sections). The Scoop: The companys history, a description of the business, recent clients or deals and other significant developments. Getting Hired: An overview of the companys hiring process, including a description of campus recruiting procedures, the number of interviews, questions asked and other tips on getting hired. Our Survey Says: Quotes from surveys and interviews done with employees or recent employees at the company. This includes information on culture, pay, hours, training, diversity, offices, dress code and other important company insights.
Visit Vault at www.vault.com for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.
INDUSTRY
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition
Investment Banking
Investment banking is the business of raising money for companies. Companies need capital to grow their business; they turn to investment banks to sell securities to investorseither public or privateto raise this capital. These securities come in the form of stocks or bonds. Generally, an investment bank comprises the following areas:
CORPORATE FINANCE
The bread and butter of a traditional investment bank, corporate finance generally performs two different functions: 1) mergers and acquisitions advisory, and 2) underwriting. On the mergers and acquisitions (M&A) advising side of corporate finance, bankers assist in negotiating and structuring a merger between two companies. If, for example, a company wants to buy another firm, then an investment bank will help finalize the purchase price, structure the deal and generally ensure a smooth transaction. The underwriting function within corporate finance involves raising capital for a client. In the investment banking world, capital can be raised by selling either stocks or bonds to investors.
SALES
Sales is another core component of an investment bank. Salespeople take the form of: 1) the classic retail broker, 2) the institutional salesperson, or 3) the private client service representative. Brokers develop relationships with individual investors, and sell stocks and stock advice to the average Joe. Institutional salespeople develop business relationships with large institutional investorsthose who manage large groups of assets, like pension funds or mutual funds. Private client service (PCS) representatives, often referred to as private wealth managers, lie somewhere between retail brokers and institutional salespeople providing brokerage and money management services for extremely wealthy individuals. Salespeople make money through commissions on trades made through their firms.
TRADING
Traders also provide a vital role for the investment bank. Traders facilitate the buying and selling of stock, bonds or other securities, either by carrying an inventory of securities for sale or by executing a given trade for a client. Traders deal with transactions, large and small, and provide liquidity (the ability to buy and sell securities) for the marketoften called making a market. Traders make money by purchasing securities and selling them at a slightly higher price. This price differential is called the bid-ask spread.
RESEARCH
Research analysts follow stocks and bonds and make recommendations on whether to buy, sell or hold those securities. Stock analysts (known as equity analysts) typically focus on one industry and will cover up to 20 companies stocks at any given time. Some research analysts work on the fixedincome side and will cover a particular segment, such as high-yield bonds or U.S. Treasury bonds. Salespeople within the investment bank utilize research published by analysts to convince their clients to buy or sell securities through their firm. Corporate finance bankers rely on research analysts to be experts in the industry in which they are working. Reputable research analysts can generate substantial corporate finance business and substantial trading activity, and thus are an integral part of any investment bank.
SYNDICATE
Customized for: vinh (phamvinh@nus.edu.sg)
The hub of the investment banking wheel, syndicate provides a vital link between salespeople and corporate finance. Syndicate exists to facilitate the placing of securities in a public offering, a knock-down-drag-out affair between and among buyers of offerings and the investment banks managing the process. In a corporate or municipal debt deal, syndicate also determines the allocation of bonds.
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition
Commercial Banking
Commercial banks, unlike investment banks, generally act as lenders, putting forth their own money to support businesses as opposed to investment advisors who rely on other folksbuyers of stocks and bondsto pony up cash. This distinction has led to noticeable cultural differences (exaggerated by stereotype) between commercial and investment bankers. Commercial bankers (deservedly or not) have a reputation for being less aggressive, more risk-averse and simply not as mean as investment bankers. Commercial bankers also dont command the eye-popping salaries and prestige that investment bankers receive. There is a basis for the stereotype. Commercial banks carefully screen borrowers because the banks are investing huge sums of their own money in companies that must remain healthy enough to make regular loan payments for decades. Investment bankers, on the other hand, can make their fortunes in one day by skimming off some of the money raised in a stock offering or invested into an acquisition. While a borrowers subsequent business decline can damage a commercial banks bottom line, a stock that plummets after an offering has no effect on the investment bank that managed its IPO.
Visit Vault at www.vault.com for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition
GIANTS FALL
Perhaps the most lasting legacy of the financial crisis will be its impact on bankings biggest players. New York-based Bear Stearns was the first to collapse, and the U.S. government helped engineer a sale of Bear to fellow American bank JPMorgan Chase in March 2008. Lehman Brothers, another global bank headquartered in New York, toppled into bankruptcy in September 2008, and was sold in pieces to Japans Nomura Securities, which now owns Lehmans European and Asia Pacific businesses, and to the U.K.s Barclays, which took over Lehmans North American operations. (The U.S. governments refusal to step in for Lehman, as it had for Bear, remains a source of anger and bewilderment for its former employees.) Also during September 2008, after 94 years in business as an independent investment bank, Merrill Lynch (part of the so-called bulge bracket) admitted defeat and agreed to be sold to Bank of America. That left Goldman Sachs and Morgan Stanley as the last independent bulge bracket banks on Wall Street. But even they succumbed. In late September 2008, both banks received permission from U.S. regulators to convert themselves into bank holding companies, a restructuring move that allowed them to receive government assistancebut also left them bound by strict regulations and rules regarding leverage and risk-taking. This raised an important point: in the U.S. and in the U.K., banks that took government assistance (bailout funds) faced the imposition of new operating requirements. In other words, the government poured billions into its banks and thus wanted a say in how theyre run, especially in light of the fact that many industry observers blamed loosely regulated derivatives trading for fueling the crisis. Later, some Asian banks were forced to take government bailouts as well. Will banksor the banks that acquired themever go back to their unfettered ways? Perhaps. In some cases, banks will be able to win back some freedom if they can repay their bailout allotments (many of them have already repaid). But the bottom line is the days of high-flying, overleveraged risk-taking are over, at least in the near term. International and local regulators, politicians and taxpayers are watching banks like hawks, keeping an eye on everything from executive compensation to the state of their balance sheets.
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition
Stanley for $2.7 billion. Upon the closing of the deal, it was reported that Morgan Stanley was expected to acquire full control in various phases over the next five years. Currently, Morgan Stanley CEO James Gorman serves as chairman of the new company.
BREAKING GROUND
In one of the most significant ground breakings of 2009, Robert Morse, the ex-chief executive of Citigroups Asia investment banking business, raised $1 billion to start to his own Hong Kong-headquartered bank called Primus Financial Holdings. Morse, whos partnering with two other ex-Citi bankers, plans to focus on the Asia market but will also do business in Europe and the U.S., likely making acquisitions of divisions of established firms along the way. In an interview with Reuters, Morse cited the trend of executives moving from big firms to smaller ones as a reason for Primus founding, saying that a lot of bankers have become unsatisfied with where their institutions are or where their jobs are going so the availability of talent is very high. Morse also pointed out that the big Citi and other large banks arent exactly afraid of small firms like Primus making too large of a dent in its business.
The global recession that nearly destroyed banks in 2008 took a big toll on mergers and acquisitions. Without access to cheap, plentiful credit, potential buyers were less likely to buy. Embattled companies made less-attractive targets. And in a climate of no confidence, few CEOs wanted to take on any unnecessary risk. As a result, banks M&A revenue dwindled. The top of the league tables, though, looked much the same as they did in years past but there was some movement at the very top of the charts. According to Thomson Reuters, Morgan Stanley was the top worldwide merger and acquisition advisory for 2009, working on announced deals worth US$624.3 billion (up 11 percent versus 2008). Morgan Stanley leaped from fifth place to take the No. 1 spot away from perennial top advisor Goldman Sachs. Goldman had to settle for second place, working on US$594.2 billion in deals (down about 30 percent versus 2008). J.P. Morgan, Citi and Credit Suisse rounded out the top five, respectively. Morgan Stanley also ranked No. 1 in announced M&A deals in Asia (excluding Japan), working
Visit Vault at www.vault.com for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition
on $36.4 billion worth of deals. Credit Suisse placed No. 2, with US$22.8 billion in deal volume and UBS took the No. 3 spot, working on $22.6 billion in deals. Goldman and J.P. Morgan took the fourth and fifth spots, respectively. The global debt, equity and equity-related tables had a different leader, as J.P. Morgan ranked No. 1 in overall underwriting volume, with Barclays Capital and Bank of America Merrill Lynch taking the second and third places, respectively. Citi ranked No. 4 and Deutsche Bank ranked No. 5. J.P. Morgan worked on 1,702 deals during 2009 worth a total of US$614.7 billion. In the Asian (excluding Japan) equity capital markets, UBS was the top bookrunner, working on 61 equity-underwriting deals worth US$15.4 billion. Morgan Stanley placed second and China International Capital took third place. In the Asian debt capital markets, Deutsche Bank was the big winner, ranking No. 1 in Asian G3 currency bond underwriting. Deutsche Bank underwrote 36 bond deals worth a total of US$9.5 billion, jumping from No. 2 in 2008 when HSBC was the lead currency bond underwriter in Asia.
PRESTIGE
RANKINGS
Ranking Metholodogy The Vault 25
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition
Ranking Methodology
The Vault Guide to the Top 25 Asia Pacific Banking Employers rates 66 firms with significant commercial banking or investment banking operations in the Asia Pacific region. We chose these 66 firms based on previous Vault surveys that gauged opinions of industry insiders, as well as on various factual data, including annual revenue and number of employees. The firms we identified were all asked to distribute Vaults 2009 Banking Survey to their banking professionals. The online survey consisted of questions about life at the professionals firm or former firm, along with a prestige rating. Survey participants were asked to comment on qualifications the firm looks for in new employees, specific tips on getting hired, questions asked during the interview process, firm culture, hours worked, relations with managers, compensation, diversity, training and more. Participants were also asked to rate companies with which they were familiar on a scale of 1 to 10, with 10 being the most prestigious. Participants were not allowed to rate their own employer. Vault averaged the prestige scores for each firm and ranked them in order. Eight firmsBarclays, Citigroup, Citi Institutional Clients Group, Commonwealth Bank Group, Goldman Sachs, J.P. Morgan Investment Bank, Nomura Holdings and Standard Chartered Bankagreed to distribute the survey. All surveys were completely anonymous. For those companies that opted not to distribute the survey, Vault sought contacts at the firm to take the survey through other proprietary sources. Those professionals took the same survey as the employees at firms that participated. A total of 441 banking professionals filled out Vault's 2009 Banking Survey in the summer 2009. Vault averaged the prestige scores for each firm and ranked them in order, with the highest average score belonging to our No. 1 firm, Goldman Sachs. With a score of 7.836, the New York-based firm beat out fellow New Yorker J.P. Morgan Investment Bank, which scored 7.595. Morgan Stanley placed third (with a score of 7.401), Deutsche Bank ranked fourth (7.067) and Blackstone came in fifth (6.905).
Visit Vault at www.vault.com for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.
11
The Vault 25
[The 25 Most Prestigious Asia Pacific Banking Employers] 2010
FIRM The Goldman Sachs Group, Inc. J.P. Morgan Investment Bank Morgan Stanley Deutsche Bank AG The Blackstone Group HSBC Holdings plc Credit Suisse Group AG UBS Investment Bank Citi Insitutional Clients Group Barclays Capital Standard Chartered Bank Macquarie Group Limited Nomura Holdings, Inc. Bank of America Merrill Lynch BNP Paribas SA Citigroup, Inc. Socit Gnrale SA Rothschild ING Groep N.V. DBS Bank Ltd. CLSA Asia-Pacific Markets The Royal Bank of Scotland plc Mitsubishi UFJ Financial Group, Inc. Bank of China ANZ* SCORE 7.836 7.595 7.401 7.069 6.905 6.788 6.748 6.712 6.650 6.580 6.449 6.245 5.978 5.887 5.850 5.782 5.524 5.478 5.352 5.323 5.025 5.022 5.000 4.980 4.865
* Australia and New Zealand Banking Group Limited (ANZ)
RANK 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
Customized for: vinh (phamvinh@nus.edu.sg)
21 22 23 24 25
12
BANKING EMPLOYERS
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition
PRESTIGE RANKING
Regional Headquarters Cheung Kong Center, 68th Floor 2 Queens Road Central Central, Hong Kong Phone: +852 2978 1000 www.gs.com
BUSINESSES
Corporate Finance Investment Management Investment Research Private Equity / Principal Investing Securities (Equities/Fixed Income)
MINUSES
Expectations are high Very low promotion opportunity Working under extreme pressure with tight deadlines
THE STATS
Employer Type: Public Company Ticker Symbol: GS (NYSE) Chairman & CEO: Lloyd C. Blankfein Revenue: US$45.17 billion (FYE 12/09) Net Income: US$12.2 billion No. of Employees: 30,067 No. of Employees in Asia (excluding Japan): Approximately 1,800 No. of Offices: 40 No. of Offices in Asia (excluding Japan): 8
EMPLOYMENT CONTACT
www.gs.com/careers
15
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition The Goldman Sachs Group, Inc.
THE SCOOP
A force to be reckoned with
Headquartered in New York, Goldman Sachs is one of the world's preeminent investment banks, with major offices in London, Frankfurt, Tokyo and Hong Kong. Goldman Sachs in Asia (excluding Japan) has its headquarters in Hong Kong, and seven additional offices in Beijing, Mumbai, Bangalore, Singapore, Taipei, Seoul and Shanghai. The firm's operations include approximately 1,800 employees working in the firm's key Asian businesses: corporate finance, private equity and principal investing, fixed income, currency and commodities, equities, investment research and investment management. Goldman Sachs is a constant presence at the top of the most important international banking league tables.
End of an era
With the collapse of Lehman Brothers in September 2008 and seeing its profits in the third quarter down by 70 per cent on their 2007 figures, Goldman Sachs received Federal approval to transform from an investment bank into a bank holding company. This made it the fourth-largest bank holding company in the U.S. and took it under the supervision of the Federal Reserve for the first time. The move saw the end of the traditional investment bank on Wall Street and paved the way for the New York firm to build on its deposit base through acquisitions, allowing it to rely more heavily on the deposits from retail customers instead of using money borrowed on the bond market. As part of the U.S. Treasury Departments $700 billion bailout package for struggling financial institutions, the bank received US$10 billion in aid in October 2008. Commenting on the move, Goldman Sachs Chairman and CEO Lloyd Blankfein said, Goldman Sachs, under Federal Reserve supervision, will be regarded as an even more secure institution with an exceptionally clean balance sheet and a greater diversity of funding sources.
16
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition The Goldman Sachs Group, Inc.
IN THE NEWS
October 2009: Beating expectations
Goldman Sachs beat analysts predictions for its fiscal third quarter, booking US$3.19 billion in profit (US$5.25 a share), a nice rise versus the US$845 million it booked for the same period a year earlier. Revenue, meanwhile, jumped to US$12.37 billion from US$6.04 billion in the third quarter of 2008. Analysts had predicted US$4.24 a share on revenue of US$11 billion. The investment bank, which benefited from trading gains and other investments, also reserved US$5.35 billion for employee compensation and benefits. Goldman did brisk business in its fixed income, currency and commodities trading division, with revenue climbing to US$5.99 billion from US$1.6 billion in the third quarter of 2008.
As part of the process of raising the funds to pay off the government, Goldman Sachs raised US$1.9 billion by selling shares in Industrial and Commercial Bank of China. The bank had been keen to remove itself from what it saw as meddling governmental influence over multi-million dollar bonuses to staff.
Visit Vault at www.vault.com for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.
17
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition The Goldman Sachs Group, Inc.
position" to ultimately become CEO of the company. Insiders said Cohn had the inside track to become CEO, if the post were to become available.
GETTING HIRED
Waiting for the one
Being smart is not enough, say insiders when asked what the firm looks for in new recruits. You need to be able to fit into the Goldman Sachs culture be a real team player. If the right person is not found, then the role will remain empty. When I first interviewed for this position, explains an insider, I heard that the firm had been looking for someone for six months because they could not find a suitable candidate. My interview process took three months before they hired me, showing just how selective they are in their hiring process.
Universally popular
Customized for: vinh (phamvinh@nus.edu.sg)
Insiders tell of intensive and numerous rounds of interviews as part of the recruitment process at Goldman Sachs; some sources took part in a mere four interviews, while others claim to have experienced as many as 10. These may be done via phone, video conference or face to face, with all levels of people from various departments. The first round was on campus with associates, the second was at the corporate office with vice presidents. These [interviews] focused on overall industry knowledge and my personality, and appreciation of teamwork and diversity, explains a respondent. The third and fourth rounds were specific to specialized business areas, and covered what I would be interested in and where I would make a good fit. At the end of the day, the hiring process is based on unanimity. You could go through 15 positive interviews, says a source, but all it takes is one negative interviewand youre done.
18
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition The Goldman Sachs Group, Inc.
All very PC
Goldman Sachs is extremely sensitive when it comes to its female employees and even has a formal womens networking group to tackle issues that women may face in the office. We are told the bigwigs take exceptional care to balance the male and female populations, with active efforts made in recruitment to encourage applications from women. As a result, analysts in Hong Kong report of classes in which 40 percent are female. We also have a lot of female leaders in the firm, so there is no glass ceiling, explains an analyst. According to another, the problem is that the work is so demanding that a proportion of women are probably unable to continually commit due to family issues, and eventually drop out of the rat race. But those who survive are likely to be given the chance to rise to the top.
Visit Vault at www.vault.com for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.
19
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition The Goldman Sachs Group, Inc.
Cutting back
Newbies at the bank can expect 20 days of time off a year, 12 days of sick leave and five days of emergency leave. Bonuses are mostly in cash with a small stock proportion, although 2008 was well below expectations given the market. Everyone is watching the results this year with a hope of them returning to 2007 levels, says a contact. We are also informed that signing bonuses are usually small in comparison to other firms, and that the expat housing allowance has been cancelled in 2009, for those relocating to the Asian offices. Perks of the job include most business expenses being reimbursed, and wellness benefits like gym memberships and medical insurance. New mothers are also covered; they receive four months of maternity leave. All in all, employees at Goldman Sachs seem content with the pay structure at their firm.
Top-tier training
Insiders report that there is a lot of focus on training and a lot of time is allocated to it. The firm provides various types of continuing education through the Goldman Sachs University. In addition to live trainings, we also have an online platform hosting e-learning courses on hard skills like product knowledge and soft skills like communication, explains an insider. A colleague outlines the training analysts receivem, saying, We had a six-week long training program when we started. Even after starting on our desks we have had weekly sessions. While these formal sessions are viewed as adequate, insiders admit that the individual support and training sessions with superiors are more effective. As a result, most of the learning at the firm is done on-the-job. The company also hosts a lot of diversity training, ensuring that it has a fair working environment.
Shrinking competition
Staffers at Goldman Sachs are confident (very confident) about the companys future, revealing that the bank is on track to significantly benefit from the loss of competitors. We expect even less competition after the financial crisis and more development opportunities in the future, explains a contact. A colleague agrees, saying, The firm is in a great position relative to competitors in this business, and thus, when things turn around, we will be better placed than anyone to take advantage of the opportunities as they arise. I believe the firms culture and its people will be particularly important in driving this profitability, as they are attributes that other companies will find difficult to mimic. Insiders add that management is very confident about its plans, and is making efforts to secure more market share from competitors, with some very well thought out long-term plans in place.
20
PRESTIGE RANKING
Asia Pacific Headquarters Chater House 8 Connaught Road Central, Hong Kong www.jpmorgan.com
LOCATIONS (AP)
Australia China Hong Kong India Indonesia Japan Korea Malaysia Pakistan Philippines Singapore Sri Lanka Taiwan Thailand Vietnam
PLUSES
"Scale, scope and prestige" "Quality of training and development" Entry-level "ownership on projects"
BUSINESSES
Advisory, Mergers & Acquisitions and Industry Sector Coverage Asset Management Equity Capital Markets Debt Capital Markets Cash Equities Equity Derivatives Credit & Rates Markets Foreign Exchange Commodities Futures & Options Research Principal Investments Private Banking Treasury & Securities Services
MINUSES
"Relatively long hours" "Need to improve global connectivity" "Cautious approach"
21
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition J.P. Morgan Investment Bank
THE SCOOP
A world player
J.P. Morgan is the investment banking division of JPMorgan Chase & Co., a leading global financial services firm with nearly US$2.2 trillion in assets and approximately 224,000 employees in 60 countries around the world. J.P. Morgan Investment Bank, one of the top "bulge bracket" global I-banks, has offices throughout the Asia Pacific region. The firm consistently ranks at the top of the investment banking league tables and regularly wins industry awards from major financial publications. Parent JPMorgan Chase & Co. also boasts powerful asset management, commercial banking, private banking, securities and treasury operations. Its clients include corporations, institutional investors, hedge funds, governments and affluent individuals in more than 100 countries, and it is a component of the Dow Jones Industrial Average. In the Asia Pacific region, J.P. Morgan provides a wide range of investment banking products and services across an industry coverage team that focuses on sectors such as consumer, health care and retail; financial institutions; financial sponsors; natural resources; general industries; real estate; and technology, media and telecommunications. The firm works with a broad range of issuer clients, including corporations, institutions and governments, and provides comprehensive strategic advice, capital raising and risk management expertise.
Historic names
One of the legendary names of American banking, J.P. Morgan has a history that stretches back to 1799, when JPMorgan Chases earliest predecessor, The Manhattan Company, was chartered to supply "pure and wholesome" water to the occupants of New York City. J.P. Morgan & Co. was itself established by J. Pierpont Morgan in 1861 as a sales and distribution office for the European securities firm, J.S. Morgan & Co., run by J. Pierponts father, Junius S. Morgan. Teaming up with Anthony Drexel in 1871 to form private merchant banking partnership Drexel Morgan & Co., J. Pierpont Morgan was making considerable investments by 1882 in United States infrastructure, in particular Mexicos railways. In 1940 the company went public, becoming J.P. Morgan & Co. incorporated. Sixty years later, J.P. Morgan merged with Chase Manhattan in a deal valued at approximately US$38.6 billion. The deal was completed on the first day of 2001, instantly creating the third-largest financial institution in terms of assets in the U.S., behind Citigroup and Bank of America. In July 2004, JPMorgan Chase officially merged with Bank One Corporation for a purchase price of US$58.5 billion. Upon the merger, the combined company possessed US$1.1 trillion in assets, rivaling Citigroups US$1.2 trillion. One of the largest financial mergers in U.S. history, the deal boosted JPMorgan Chases ability to compete with Citi not only in investment banking and commercial lending, but also in consumer banking, which was Bank Ones key strength. The new company was positioned to offer services in investment banking, financial services for consumers and businesses, asset and wealth management, private equity and financial transaction processing. In the Asia Pacific region, J.P. Morgans beginnings go back to 1872, when the banks first office opened in Australia. The firm has been in Hong Kong, Japan and China since the 1920s, and has had a strong commitment to the region ever since. The firms regional headquarters is located in Hong Kong, where it has over 78 years of operating history and is the companys second largest base outside of the U.S. Today, J.P. Morgan has more than 26 offices in 14 nations throughout Asia. The firm has about 20,000 employees in the region. More than 2,900 employees are based at the firms regional headquarters in Hong Kong.
Best Foreign Investment BankChina, Hong Kong, Taiwan (The Asset, 2009) Derivatives House of the YearAsia (Asia Risk, 2009) Credit Derivatives House of the YearAsia (Asia Risk, 2009) Best M&A HouseJapan (FinanceAsia, 2009) Best Foreign Investment BankJapan (FinanceAsia, 2009) Derivatives House of the YearAsia (Energy Risk, 2009)
22
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition J.P. Morgan Investment Bank
Best M&A House in Asia (Euromoney, 2008) Best M&A House and Best Equity HouseJapan (Euromoney, 2008) Best Foreign Investment BankJapan, Best M&A HouseJapan, Best Cash Management HouseJapan (FinanceAsia, 2009) Best M&A AdvisorJapan (Asiamoney, 2008) M&A Deal of the Year in Asia [for China Unicoms merger with China Netcom] (Financial Times and Mergermarket, 2008) Japan IPO Deal of the Year (Nikkei Bonds & Financial Weekly, 2008) Best Rates Derivatives House in Asia (The Asset, 2008) Best FIG House and Best Equity-Linked HouseAsia (The Asset, 2008) Derivatives House of the Year, Bank Risk Manager of the Year, Credit Derivatives House of the Year, Derivatives Research House of the Year (Risk, 2008) Bank of the Year, Bond House of the Year, Equity House of the Year, Derivatives House of the Year, Securitization House of the Year, Leveraged Finance House of the Year (IFR, 2008) All-Asia Research Team PollNo. 1 (Institutional Investor, 2008) All-Japan Research Team PollNo. 4 (Institutional Investor, 2008) Awards of Excellence: Jamie Dimon, Gaby Abdelnour and Asif Raza (The Asian Banker, 2008) Global Debt, Equity & Equity Related UnderwritingNo. 1 (Thomson Reuters, 2008) Debt Capital Markets: Global Debt UnderwritingNo. 1 (Thomson Reuters, 2008) Equity Capital Markets: Global Equity & Equity-Related UnderwritingNo. 1 (Thomson Reuters, 2008) M&A Advisory: Any Asia (ex-Japan) Involvement Completed (by value)No. 4 (Thomson Reuters, 2008) M&A Advisory: Any Japanese Involvement Completed (by value)No. 5 (Thomson Reuters, 2008)
IN THE NEWS
July 2009: Heading up DCM
Long-time staffer Rohit Chatterji was named head of J.P. Morgans Asia Pacific debt capital markets practice. Chatterji, who has been with J.P. Morgan for 12 years in a variety of roles, will relocate from Singapore to Hong Kong. He will report to Todd Marin, the head of Asia Pacific investment banking.
Visit Vault at www.vault.com for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.
23
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition J.P. Morgan Investment Bank
24
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition J.P. Morgan Investment Bank
GETTING HIRED
Looking for the right fit
J.P. Morgan is becoming "increasingly selective given the market conditions," according to insiders. But sources also report that an "iron-clad resume is not a must for being hired," with the firm looking "for much more all-rounded people rather than sheer intellect." Values like team spirits are highly regarded and the bosses at the firm are keen on "finding the right cultural fit along with the necessary technical expertise." According to one insider, the hiring process "is similar to what is followed across the industry; there are multiple rounds of interviews with traders at various levels and senior salespersons," though other sources stress that the firm generally limits itself to about two rounds. The process is described by one staffer as "selective, but straightforward and efficient from both the firms and the candidates perspective." For Asia, the typical process involves an "initial phone interview" followed by a "day of interviews with three to five business representatives." Were told that interviews are done by "senior line managers and are mostly behavioral, with appropriate finance, accounting and marketsrelated questions based on the candidates background and knowledge." As an example, one trader remembers being asked, "What would be the effect of the change in volatility/correlation of a 2y/10y IRS on a 2y/10y spread option?" The contact is quick to clarify that his interviewer "was more interested in whether I understood the concept than my answering the question correctly."
Visit Vault at www.vault.com for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.
25
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition J.P. Morgan Investment Bank
As a way to get in the door, sources whove worked as summer interns describe the program as "very useful when considering a full-time application, either immediately after the internship or later on." One analyst feels "the firm hires from its interns first, then seeks out externals." Another insider agrees, saying, "It is a definite advantage. In addition to providing meaning to the terms youve learned at university, the internship provides personal contact. This is important since a large part of the ultimate hire decision is based on the personal fit of employees." A senior source further explains, "Doing well as an intern definitely gives you an advantage in getting a full-time offer. Typically, offers are given out to the interns we like prior to general recruiting at schools. Of course, an internship is not a prerequisite to getting a full-time offertypically around half the full-time hires are non-interns." The firm notes that getting hired depends on individual performance during the internship.
Focusing on people
Bankers give good marks when it comes to the relationships between juniors and their superiors, who are described as both "good" and "healthy." There is, were told, "very good camaraderie, even with the most senior members often knowing and always acknowledging all staff, from interns all the way up to other managing directors." A source agrees, saying, "My managers treat me with full respect and consideration of my personal career development. My manager has regular conversations with me to make sure I am happy with what I am doing."
Customized for: vinh (phamvinh@nus.edu.sg)
The "inclusive culture" sources report at J.P. Morgan means that "senior management has an open-door policy and is willing to listen and take concerns into account." This also stretches to giving "honest and clear performance direction and feedback." "Professionals who come to J.P. Morgan from competitor firms are often struck by the depth of our focus on people," says a contact.
26
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition J.P. Morgan Investment Bank
undertaken." This entry-level training "develops a solid foundation in the technical skills, products and markets applicable to the respective businesses of investment banking, sales and trading, and research." The firm also offers "boot camps to help those without a financial background or investment banking experience build the analytical skills necessary to get the most impact out of the training programs." Aside from this initial training, J.P. Morgan also offers a "unique tutor program," where it selects "top people from the line to exclusively dedicate their time to tutoring trainees during the training programs." J.P. Morgan staffers tell us the company is "competitive with the market for salaries, bonuses and benefits." Perks include an "employee stock purchase plan and a comprehensive benefits package," which includes "meal allowances, car services, ongoing training, company discounts at retailers, and discounts on memberships to local gyms and cultural organizations."
All-inclusive
Looking at diversity in the workplace, staffers report, "There are over 70 employee networking chapters globally across the firm, bringing together employees with shared backgrounds or interests, including working parents; gay, lesbian, bisexual and transgender people; women; and employees with disabilities." With regards to women, the Japan office also "hosts a women-only event for undergraduates of all degree disciplines to learn about the industry, network with employees and job-shadow various lines of business."
Visit Vault at www.vault.com for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.
27
PRESTIGE RANKING
MORGAN STANLEY
KEY COMPETITORS
Citi Institutional Clients Group Goldman Sachs J.P. Morgan Merrill Lynch UBS Investment Bank
Morgan Stanley Asia Pacific Head Office Level 46 International Commerce Centre 1 Austin Road West Kowloon, Hong Kong Phone: +852-2848-5200 Fax: +852-2845-1012 www.morganstanley.com
EMPLOYMENT CONTACT
www.morganstanley.com/careers/recruiting/asia_pacific
BUSINESSES
Global Wealth Management Institutional Securities Investment Management
THE STATS
Employer Type: Public Company Ticker Symbol: MS (NYSE) Chairman & CEO, Morgan Stanley: James Gorman CEO, Morgan Stanley Asia: Owen Thomas Chairman, Morgan Stanley Asia: Stephen Roach Net Revenue: US$23.36 billion (FYE 12/09) Net Income: US$907 million No. of Employees Worldwide: 62,000 No. of Employees in Asia: 5,122 No. of Offices Worldwide: 600+
28
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition Morgan Stanley
THE SCOOP
Global powerhouse
Morgan Stanley is one of the leading investment banking firms in the world. Its business is divided into three practice areas: investment management, wealth management and institutional securities. Morgan Stanley Investment Management (MSIM) provides global asset management products and services, including equity, fixed income alternative investments and a direct investing business. It also includes the firm's private equity businesses and its real estate funds (MSREF). Morgan Stanley's global wealth management unit caters to individuals and small- to medium-sized businesses and institutions, offering retirement plan services, brokerage and investment services, financial and wealth planning, annuity and insurance, credit, trust and banking, and cash management. In Asia, the wealth management business is entirely focused on private wealth management for ultra-high-net-worth individuals, families and trusts. The institutional securities unit covers Morgan Stanley's world-renowned investment banking, sales, trading, financing, research and risk management analytics operations. Today, the New York-based bank has more than 600 offices in 33 countries worldwide. It has had a presence in Asia Pacific for over 30 years, and currently has more than 3,400 employees in its offices in Hong Kong, Beijing, Shanghai, Zhuhai (China), Taipei, Seoul, Singapore, Jakarta, Hanoi, Mumbai, Sydney and Melbourne.
Deep roots
In 1854, American Junius J. Morgan joined a London banking business. His son, J. Pierpont Morgan, decided to follow in his father's footsteps back homeand as one of America's most powerful financiers, Pierpont Morgan's name became synonymous with wealth and commerce in the country's early industrial years. Pierpont Morgan was succeeded by his son J.P. Morgan, who formed J.P. Morgan & Co. In 1935, Henry Morgan and Harold Stanley left J.P. Morgan & Co. to form Morgan Stanley in New York, with offices on Wall Street. Morgan Stanley continued to grow, managing some of the biggest IPOs and bond issues of the 1940s and 1950s. Morgan Stanley expanded its banking business to include asset management in 1975, when it debuted asset management services for institutional clients. The firm opened a private wealth management department two years later, in 1977, and went public in 1986. This was the same year the Discover card was launched by Sears, Roebuck (the product of a merger between Sears, Roebuck and Dean Witter Reynolds). Dean Witter Discover separated from Sears, Roebuck in 1993, and Morgan Stanley purchased the venerable Van Kampen mutual fund family in 1996. The following year Morgan Stanley and Dean Witter, Discover & Co. merged, creating a global powerhouse and a leader in worldwide asset management, securities and credit services. In 2007, the Discover unit was spun off. Under the terms of the divestiture deal, shareholders received one share of Discover stock for every two shares of Morgan Stanley.
Eyes on Asia
The firm's primary businesses in Asia Pacific include corporate finance, mergers and acquisitions advisory, direct investment, equities and fixed income research, sales and trading, foreign exchange and commodities, private wealth management and investment management. Morgan Stanley is also planning to launch retail fund management operations in South Korea, China and Taiwan over the next two yearsas part of an expansive push into Asian investment management. The focus on investment management marks a timely change for Morgan Stanley, which has generally focused on real estate, private equity and hedge funds in the Asian market, as well as institutional fund management and alternative investments. In a recent interview with the Financial Times, Blair Pickerell, the head of Morgan Stanley Investment Management for Asia, said, "If you are seriously interested in building a long-term asset management business globally, you can't afford not to be in China."
Customized for: vinh (phamvinh@nus.edu.sg)
In Vietnam, Morgan Stanley received regulatory approvals for a joint venture in February 2008. The venture, in which Morgan Stanley owns a 49 percent stake, is based in Hanoi and operates as Morgan Stanley Gateway Securities Joint Stock Company (Morgan Stanley Gateway Securities). Following final regulatory and license approvals, the joint venture will be able to conduct a range of services, including investment banking advisory and underwriting, brokerage services, research and principal investing.
Visit Vault at www.vault.com for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.
29
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition Morgan Stanley
Giving back
Morgan Stanley has a number of programs in place as an equal opportunities employer in Asia and aims to help local communities. Nearly a third of all Morgan Stanley officers in the region are female, and the firm has an active women's network in Asia for its female professionals. In nearly every location in Asia, Morgan Stanley has an employee-led charity committee that organizes volunteers for local community projects and fundraising. Every June, the firm also organizes "Global Volunteer Month"an annual series of employee-led community service initiatives sponsored by the firm across the globe. Apart from supporting educational and health causes for underprivileged children, Morgan Stanley sponsors the arts and remains attentive to environmental matters.
IN THE NEWS
January 2010: Its first annaul loss
Morgan Stanley booked its first annual loss in its 74-year history, reporting a net loss of US$907 million for 2009 on net revenue of US$23.36 billion. Despite the loss, the firm had some good things to report in its earnings release: Its institutional securities group experienced healthy growth in revenues and earnings, underwriting revenues rose by more than 60 percent, and the firm was No. 1 in announced worldwide merger and acqusition deal volume, beating out perennial top M&A advisor Goldman Sachs.
Less than a month away from James Gorman taking over as CEO from John Mack, Morgan Stanley announced several changes to the top of its org chart. Morgan Stanley CFO Colm Kelleher and Paul J. Taubman, the firms global head of investment banking, were named copresidents of Morgan Stanleys institutional securities unit. Succeeding Kellher as CFO will be Ruth Porat, the head of Morgan Stanleys financial institutions group who will become one of the most senior-ranking female bankers on Wall Street.
30
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition Morgan Stanley
the industry such as JPMorgan Chase and Citigroup. The union will also help increase Morgan Stanleys odds of drumming up additional investment banking business.
Morgan Stanley Asia saw the departure of its CEO in January 2008 when Hans Schuettler decided to retire and move back to his native Germany after only two years on the job. Schuettler was head of Asia at the bank during the meteoric rise of the Asian markets. (He was succeeded in February 2009 by Owen Thomas, who previously worked in New York as president of Morgan Stanley Investment Management. Thomas is now based out of Morgan Stanley Asia's head office in Hong Kong.)
Visit Vault at www.vault.com for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.
31
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition Morgan Stanley
GETTING HIRED
High achievers, please
Morgan Stanley's recruiting page (found by going to the careers link on its Web site) has a great deal of information on the firm's culture, diversity and dedication to social responsibility, as well as upcoming recruiting events at universities worldwide. In addition to entry-level and experienced hire positions, Morgan Stanley offers a variety of analyst-level programs in Asia Pacific for graduates who might not necessarily have "extensive job experience or knowledge of the financial world." The firm seeks "high achievers who share integrity, intellectual curiosity and the desire to work in a congenial atmosphere with like-minded people." In Asia Pacific, analyst programs include opportunities in investment banking, private equity, private wealth management, research, and sales and trading. For investment banking, there is a two- to three-year full-time analyst program and a 10- to 12-week summer analyst program available. More information is available on the recruitment page. For associate-level programs (open to those with several years of professional experience, an MBA or other advanced degree), opportunities are available in investment banking, private equity and private wealth management.
32
PRESTIGE RANKING
DEUTSCHE BANK AG
KEY COMPETITORS
Bank of America Citigroup Credit Suisse Goldman Sachs J.P. Morgan Morgan Stanley UBS
Asia Pacific Head Office One Raffles Quay South Tower Level 17 Singapore, 048583 Phone: +65-6423-8001 Fax: +65-6225-4911 www.db.com
EMPLOYMENT CONTACT
www.db.com/careers
BUSINESSES
Corporate & Investment Bank Corporate Investments Private Clients & Asset Management
THE STATS
Employer Type: Public Company Ticker Symbol: DB (NYSE), DBK (DAX), DBKG (LSE), DBKG (Euronext) Chairman, Management Board: Dr. Josef Ackermann Revenue: 7.2 billion (FYE 9/09) Net Income: 1.4 billion No. of Employees: 70,000+ No. of Employees in Asia: 17,000 No. of Branches in Asia: 1,900+
33
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition Deutsche Bank AG
THE SCOOP
The organization of Deutsche
Deutsche Bank is organized into three divisions: the corporate and investment bank (CIB), private clients and asset management (PCAM) and Corporate Investments. The whole group is directed by a management board, which controls resource allocation, accounting and disclosure, strategy and risk management. Deutsche Bank's CIB group oversees the firm's capital markets business, including the origination, sales and trading of capital markets products, in tandem with the bank's corporate advisory, corporate lending and transaction banking businesses. It also oversees mergers and acquisitions and gives general corporate finance advice primarily for global corporations, financial institutions, and sovereign and multinational organizations. Deutsche Bank's PCAM group comprises two subdivisions: asset and wealth management, and private and business client services. Its asset management business includes traditional asset management and alternative investments, the latter encompassing absolute-return strategies and specialist real estate asset management. Its client base includes retail clients and institutional investors such as pension funds. With approximately 915 billion in assets under management globally as of September 30, 2009, the asset management group at Deutsche Bank is one of the largest asset managers in the world. The bank's private wealth management division caters to high-net-worth individuals and families. It offers traditional and alternative investments, risk management strategies, lending, wealth transfer planning and philanthropic advisory, among others services. The smallest of the three divisions, the corporate investments group, manages Deutsche's own industrial and other holdings, real estate assets, private equity investments and venture capital holdings. This division was at the center of a comprehensive streamlining plan in 2005; noncore assets were sold off, and the division's old three-part structure was consolidated into a single operating unit.
A first in 50 years
The year 2008 was definitely one to remember, or rather forget for the German banking giant as it announced its first annual loss in 50 years, highlighting the severity of the global financial crisis. Following on from a 6.5 billion profit in 2007, the bank posted a net loss of 3.9 billion in 2008, with the last quarter of 2008 seeing the biggest deficit as the bank reported a net loss of 4.8 billion. Bonuses were slashed, a trend that continued into 2009, with the banks chief executive Josef Ackermann giving up his bonus and taking a yearly salary in 2008 of 1.4
34
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition Deutsche Bank AG
millionreportedly 10 times less than in 2007. The firm also said it planned to slash 1,200 jobs in February 2009, although at the time Ackermann claimed these would be the last. This statement was contradicted in March as the annual report said that the elimination of more jobs couldnt be ruled out. On a positive note, Ackermann added in March 2009 that early results for the year were encouraging and the bank was well positioned to deal with the financial crisis. Ackermans comments proved to be accurate: For the nine-month period ending September 2009, Deutsche Bank booked net revenue of 22.4 billion and net income of 3.65 billion.
IN THE NEWS
October 2009: Taking Sal. Oppenheim
Deutsche Bank confirmed that it had reached a deal to purchase the Luxembourg-based Sal. Oppenheim for approximately US$1.5 billion. Deutsche also confirmed that shareholders would be given the offer of taking a long-term stake in its German business, Sal. Oppenheim KGaA. Additionally, under the terms of the deal, Deutsche will acquire BHF-BANK and a private equity fund managed under Sal. Oppenheim Private Equity Partners, according to the Associated Press. BHF Asset Servicing will also fall under Deutsche Banks possession, which the bank plans to sell. The deal is expected to close in the first quarter of 2010 once it receives regulatory approvals, Deutsche said, adding that it may pay for the transaction in shares.
Visit Vault at www.vault.com for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.
35
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition Deutsche Bank AG
GETTING HIRED
Standard operating procedure
Information about jobs at Deutsche Bank is on the careers section of the company's website at www.db.com/careers. The careers section discusses opportunities for school leavers, graduates and undergraduates, MBAs and professionals. The web site also has a section with frequently asked questions such as "What is Deutsche Bank's dress code?" (Answer: business casual.)
Deutsche also posts information about internships, including those in the Asia Pacific region, on its web site. The bank hires students from universities worldwide for analyst internship and training programs (for undergraduate and graduate students) as well as for associate internship and training programs (for MBAs). In Asia, Deutsche has analyst internship programs in Mainland China, Hong Kong, Singapore, Japan, Australia and New Zealand. Analyst internship programs are usually eight to 10 weeks long. Requirements vary depending on the office, though the only basic requirement is that you are currently studying at a "leading academic institution." The firm notes that internships are a key source of full-time hiresa large number of analyst and associate positions globally are filled by individuals who completed an internship at Deutsche. For the 2008 class, 75 percent joined the firm upon completion.
36
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition Deutsche Bank AG
Deutsche Bank also recruits students from overseas into Asia. For a number of years, the firm has targeted students at U.S. and U.K. universities for roles in global markets and global banking (only in corporate finance) in Hong Kong, Singapore and Japan. In 2007, this was extended to cover Australian students. Most analysts are hired into Singapore, Hong Kong, Mainland China, Japan, Australia and New Zealand, but from time to time, based on need, the firm also hires a smaller number of analysts into Vietnam, the Philippines, India, South Korea, Taiwan and Thailand. For MBA students, Deutsche has associate training programs in Japan, Singapore and Hong Kong. For these training programs, Deutsche looks for individuals who have creative problem solving abilities, agile minds, leadership potential, strong quantitative and analytical skills and a knack for communication. Candidates, who need to be completing an MBA, should also have strong academic records and previous experience in finance, as well as fluency in English. Certain offices have additional requirements. For example, in Japan, applicants need business-level Japanese for some positions. In Hong Kong, Deutsche seeks people who are strong team playersfluency in at least one Asian language is not a prerequisite but can be beneficial for some positions.
Visit Vault at www.vault.com for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.
37
PRESTIGE RANKING
Suite 901, 9th Floor Two International Finance Centre 8 Finance Street Central, Hong Kong Phone: +852-3656-8600 Fax: +852-3656-8601 www.blackstone.com
EMPLOYMENT CONTACT
www.blackstone.com/careers
DEPARTMENTS
Corporate Private Equity Financial Advisory Marketable Alternative Asset Management Real Estate
THE STATS
Employer Type: Public Company Ticker Symbol: BX (NYSE) Chairman & CEO: Stephen A. Schwarzman Revenue: -US$349.4 million (FYE 12/08) Net Income: -US$872.3 million No. of Employees: 1,340 No. of Offices: 21
38
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition The Blackstone Group
THE SCOOP
King of Wall Street
In 1985, two top Lehman Brothers executives, Peter G. Peterson and Stephen A. Schwarzman, invested US$400,000 to launch a boutique M&A firm they called The Blackstone Group. Their first office operated with a staff of four, but Peterson and Schwarzman were convinced their singular approach would become a force in the business world. First of all, they decided to invest only in friendly mergers and acquisitionsa bold decision in the hostile takeover-happy environment of the 1980s. They also insisted that their own firm always invest large chunks of its own funds in the investments it made, and that their firm would strive to remain free of conflicts of interest, especially those born of competing business divisions within larger companies. As Blackstone grew, its founders gained reputations for holding its reins a little too closelyseveral partner departed under bitter clouds. But it's clear that Peterson and Schwarzman, who earned the nickname "The King of Wall Street," have built a strong business. Today, Blackstone has 1,340 employees in 21 offices around the world. It has also expanded its work beyond M&A advisory to include restructuring and reorganization advisory, fund placement services, private equity, real estate, corporate debt and marketable alternative investments, as well as closed-end funds in India and Asia. In 1998, American International Group (AIG) purchased a 7 percent non-voting stake in Blackstone; it paid US$150 million for its share, and has invested over US$1.2 billion in Blackstone-sponsored funds. In addition to AIG, Blackstone has formed strategic alliances with several international financial institutions, including Roland Berger Strategy Consultants, Kissinger Associates, Alfaro Asesores Financieros and Scandinaviska Enskilda Banken. In June 2007, Blackstone put forward its long awaited and much-hyped initial public offering, issuing 133.3 million units priced at US$31 apiece. The US$4.13 billion IPO, one of the largest U.S.-based IPOs in recent history, gave the public a 12.3 percent stake in Blackstone. After the IPO, the firm as a whole was valued around US$33 billion.
Visit Vault at www.vault.com for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.
39
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition The Blackstone Group
Indian Infrastructure
Blackstone has invested over US$730 million in India following the opening of its first office in Mumbai. In March 2007, Blackstone appointed Amit Dixit, a Harvard grad and Indian entrepreneur, to join its Indian private equity team. Two of its major funds, the Asia Tigers Fund and the India Fund, have made significant investments, totaling nearly US$2 billion, in a myriad of Indian companies. The India Fund comprises the majority of these investments, with holdings in notable Indian firms such as Tata Motors, ICICI Bank, Reliance Industries, and Infosys. The fund is the largest U.S.-listed fund featuring India as its focal point. Blackstone has also entered into the private equity game in India with two modest investments in large Indian firms. In August 2006, the firm invested US$366 million in the Pune-based pharmaceutical company Emcure Pharmaceuticals. Blackstone hopes to capitalize on Emcure's potential to become a global manufacturer of generic drugs. The company also made a foray into the field of Indian media when it invested US$465 in Ushodaya Enterprises Limited, a firm which owns the country's third-largest newspaper and its fourth-largest private television station. The deal was approved by Ushodaya's board of directors in January 2007. In November 2007, Blackstone funneled US$65 million in funds into an engineering firm based in Hyderabad called MTAR Technologies Private Limited. MTAR manufactures parts for nuclear power reactors, and structural components for aerospace and defense applications.
IN THE NEWS
November 2009: Investing in Southwest Airlines
In a routine SEC filing, Blackstone revealed its latest investments, including the purchase of a US$7.8 million stake in Southwest Airlines, a US$16.5 million stake in the WisdomTree India Earnings fund and a $20.8 million interest in Barclays Bank (Blackstone already owned a piece of Barclays worth US$1.7 million). In addition, Blackstone revealed that it sold its US$4.4 million interest in power generator concern Calpine and lessened its US$21.7 million stake in Eastman Kodak to US$13 million.
40
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition The Blackstone Group
As 2008 came to a close, Blackstone announced that it was partnering with Indian IT management firm CMS Group to set up a new company formed through spinning off the IT Infrastructure and Outsourced Business Service divisions from the Indian firm. CMS ranks among the top IT Infrastructure Management firms in India. Blackstone will hold a majority share in the venture and will also hold a dominant position on the new companys board.
Visit Vault at www.vault.com for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.
41
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition The Blackstone Group
GETTING HIRED
Get with the program
Blackstone's central careers page is located at www.blackstone.com/careers. The firm offers opportunities in private equity, real estate and marketable alternative asset management funds, including hedge funds, debt funds, proprietary hedge funds, collateralized loan obligation vehicles (CLOs) and closed-end mutual funds. Opportunities are also available in advisory, including corporate finance, mergers and acquisitions, restructuring and reorganization, and fund placement. According to the firms site, candidates "should have excellent interpersonal and communication skills and should be strong group facilitators as well as capable leaders and successful team players." Prior financial services experience is "preferred, but not required." An internship program is available, lasting 10 weeks and typically only available during the summer months. There are three classifications of positions: summer analysts (for university seniors), summer associates (for second-year MBA students or those with one year remaining in an advanced degree) and summer interns. Employment for these positions generally commences in early June. First-round interviews typically begin in late January or early February and applications are available on the site. On the online application form, candidates can mark location preferences including Hong Kong, Mumbai and Tokyo. Those looking to apply as a new analyst or associate can expect to undergo first round interviews in late September or October. Analysts that receive an offer begin their employment in June with a three-week training program focused on knowledge about the company history and profile, skills in accountancy, corporate finance, financial modeling and the companys IT systems. New associates are typically recruited out of MBA programs and usually start their employment in early August. Both analyst and associate candidates can apply online, and should do so by early August.
42
PRESTIGE RANKING
8 Canada Square London, E14 5HQ United Kingdom Phone: +44-20-7991-8888 Fax: +44-20-7992-4880 www.hsbc.com
EMPLOYMENT CONTACT
See Careers section of www.hsbc.com
DEPARTMENTS
Business & Commercial Banking Corporate & Institutional Banking Internet Banking Personal Banking
THE STATS
Employer Type: Public Company Ticker Symbol: HSBA (LSE) Group Chairman: Stephen Green CEO, Investment Banking: Stuart Gulliver Revenue: US$88.57 billion (FYE 12/08) Net Income: US$5.7 billion No. of Employees: 312,866 No. of Offices: 8,500
43
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition HSBC Holdings plc
THE SCOOP
Hails from the Far East
HSBC Holdings is one of the largest banking companies in Asia and one of the largest in the world, with 8,500 offices in 86 countries and territories. It provides a full range of financial services, including consumer and business banking, asset management, investment banking, securities trading, insurance and leasing to its 125 million customers. In 2008, the firm ranked No. 1 on the Forbes Global 2000, a list of the world's largest companies measured by sales, profits, assets and market value. It was the first time that a non-U.S.-based firm topped the list. However, HSBC's reign was short-lived, as the firm dropped to No. 6 on the list for 2009. Headquartered in London, HSBC today has nearly 10,000 offices in 83 countries, making its motto, "the world's local bank," pretty accurate.
Global powerhouse
In 2006, HSBC reported nearly 50 percent of its pre-tax profits from Asia, the Middle East, Latin America and other emerging markets. In its year-end report, the firm said that it expected this percentage to rise even higher over the next several years, because these economies are expected to grow faster than those in developed markets, "and therefore, we will concentrate investment primarily in these markets in the form of both organic development and acquisition." HSBC stayed true to its word when it announced in late 2006 that it would acquire an additional 10 percent share in Techcombank, Vietnam's third-largest joint stock bank, bringing its ownership interest to 20 percent. Then, in March 2007, HSBC said that it was making plans to double the size of its operations in China, opening as many as 40 new offices during the year and making 1,000 additional hires between 2007 and 2008.
Restructuring I-banking
Business at HSBC is divided into four core areas: personal financial services, commercial banking, private banking, and corporate, investment banking and markets (CIBM). The bank's commercial banking arm provides loans, credit, insurance, investments, merchant banking, mortgages, financing, risk management and securities services to small, medium-sized and middle-market companies.
Customized for: vinh (phamvinh@nus.edu.sg)
The CIBM group was restructured in February 2006 and split into four product lines: global markets, global banking, global transaction banking and group investment businesses. Gl obal markets includes foreign exchange, fixed income, derivatives, equities and metals sales and trading. Global banking offers corporate and institutional banking, sector management, investment banking, project and export finance, and asset and structured finance. Global transaction banking includes payments and cash management, trade services, supply chain, securities services and wholesale banknotes businesses. Finally, group investment businesses manages investment solutions. This reorganization was aimed at increasing profit by reducing costs in the CIBM group.
44
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition HSBC Holdings plc
Profits halved
Having witnessed one of the worst downturns in the global economy since before World War II, HSBC was lucky to come out with what on the surface appeared to be pretty healthy profits of $9.3 billion before tax for 2008. Put into context, however, these profits were 62 percent lower than 2007 figures. But the bank can hold its head high that it did not have to rely on government handouts to stay afloat. And while pretax profit was down in North America by a whopping 169 per cent, in Asia and in Hong Kong, profits were up. By the end of fiscal 2008, operations in Hong Kong reported profits that were 58 percent higher versus 2007 figures to US$5.5 billion, while the rest of Asia posted profits of US$6.5 billion, 69.5 percent higher than the previous year.
IN THE NEWS
August 2009: Chinese footsteps
The media was awash with news that HSBC was in advanced talks with Chinas Industrial Securities Co to form an investment banking venture. (HSBC is the biggest foreign lender in China, operates a fund venture in China and obtained approval in June 2009 to launch an insurance venture in the country.) Earlier in August, HSBC Asia Pacific chairman Vincent Cheng revealed that the British lender was indeed in talks with potential partners in China to set up a securities venture, but had declined to provide details. Such a venture would give HSBC access to stock and bond underwriting businesses.
Customized for: vinh (phamvinh@nus.edu.sg)
Visit Vault at www.vault.com for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.
45
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition HSBC Holdings plc
46
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition HSBC Holdings plc
GETTING HIRED
All around the world
At www.hsbc.com, you can check out current job openings based on region. From there, the firm also offers sections for MBA opportunities and for more experienced hires. The "student careers" section offers specific positions for those candidates in undergraduate and postgraduate programs. All positions can be applied for online, where the system will save your information for future applications. Interns, too, get their own area on the site. For that program, HSBC accepts applications "from candidates from any degree subject background." But try to give the bank "as much detail as you can" regarding your qualifications, "including all subjects studied and results achieved," especially if you're outside the U.S.the bank notes that it will need to convert your grade point average to make sure it meets its minimum qualifications.
Visit Vault at www.vault.com for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.
47
PRESTIGE RANKING
Global Headquarters Paradeplatz 8 8070 Zrich Switzerland Phone +41-44-212-1616 Fax +41-44-333-2587 www.credit-suisse.com
EMPLOYMENT CONTACT
www.credit-suisse.com/careers
DIVISIONS
Asset Management Investment Banking Private Banking
THE STATS
Employer Type: Division of Credit Suisse Group AG CEO, Credit Suisse: Brady Dougan CEO, Credit Suisse Asia Pacific: Kai Nargolwala CEO, Credit Suisse Investment Bank: Paul Calello* Net Revenue (Investment Bank): CHF -1.97 billion (FYE 12/08) Income Before Tax (Investment Bank): CHF -13.79 billion No. of Employees (Investment Bank): 19,300 (worldwide) No. of Offices (Investment Bank): 57 (worldwide) Customized for: vinh (phamvinh@nus.edu.sg)
*In September 2009, Eric Varvel became acting CEO, temporarily replacing Calello when Calello developed a sudden and unexpected illness
48
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition Credit Suisse Group AG
THE SCOOP
Swiss bankers, global reach
As an integrated bank, Credit Suisse offers clients its combined expertise in the areas of private banking, investment banking and asset management. Credit Suisse provides advisory services, solutions and products to companies, institutional clients and high-net-worth private clients globally, as well as to retail clients in Switzerland. Credit Suisse employs more than 47,400 (as of September 2009) people around the world. In its investment banking business, Credit Suisse is active across the full spectrum of financial services products, including debt and equity underwriting, sales and trading, mergers and acquisitions, investment research, and correspondent and prime brokerage services. Regionally, the group is divided into Switzerland, EMEA (Europe, the Middle East and Africa), the Americas and Asia Pacific. In the Asia Pacific region, the firm has 15 offices in 12 markets, with major hubs located in Singapore, Hong Kong, Sydney and Tokyo.
Sweet Schweizerische
Credit Suisses history dates back to 1856 when Alfred Escher founded Schweizerische Kreditanstalt (thats Swiss-German for Swiss Credit Institution). Credit Suisse opened its first international branch outside its home country in New York City in 1940. For the next three decades, the bank grew within Switzerland, across Europe and internationally. In 1978, Credit Suisse began its cooperation with The First Boston Corporation in the U.S., acquiring a controlling stake in the firm 10 years later (after which the bank was renamed Credit Suisse First Boston). A year after that, Credit Suisse Holding was established as the parent company of the group. Various mergers, acquisitions and alliances continued through the 1990s, and merged banks ultimately became assimilated into the Credit Suisse identity with the launch of the integrated bank in 2006.
New leaders
Credit Suisse announced a new generation of leaders at the executive board level in 2008, ushering a new era of leadership that faced the most challenging period for financial institutions in recent history. In May 2008, after heading up the investment bank for three years, Brady Dougan was named the overall CEO of the Credit Suisse Group. Paul Calello, who was previously the CEO for Asia Pacific, took over as CEO of the investment banking division globally. In Asia Pacific, Kai Nargolwala was appointed as the regional CEO in January 2008.
A friend in Founder
Credit Suisse has enjoyed a solid history working in China. It has served as a financial advisor on the IPOs of some of the country's largest corporate and state-owned institutions, including China Construction Bank (CCB) and the Industrial and Commercial Bank of China (ICBC). In addition, in 2006, the Chinese government launched the Qualified Domestic Institutional Investor (QDII) program, and Credit Suisse received approval to participate in the program, which meant the firm was allowed to provide tailored solutions for Chinese investors who want to invest internationally. The bank is also a Qualified Foreign Institutional Investor with an investment quota of US$500 million. In early 2008, Credit Suisse laid the groundwork for a joint venture with Founder Securities, the securities arm of Chinese conglomerate Founder Group, to run investment banking activities in China. The venture finally received a business permit from China's securities regulator in December 2008, and is initially focus on the sponsoring and underwriting of RMB-denominated A-shares on the Chinese exchanges and the underwriting of debt issuance. Credit Suisse Founder Securities made a strong start, executing debt and equity capital markets transactions worth the equivalent of US$7.05 billionin 2009.
Best Foreign Investment Bank in Philippines, Best Foreign Investment Bank in Indonesia, Best Foreign Investment Bank in Vietnam (FinanceAsia, 2009) Best Electronic Broker, Japan (FinanceAsia, 2009) Best Investment Bank for 2009, Best Emerging Markets M&A House, Best Foreign Investment Bank in Indonesia, Best M&A House in Singapore (Euromoney, 2009) Deals of the Year [Republic of Indonesia sovereign bonds, Philippines debt exchange warrants] (Euromoney, 2009)
Visit Vault at www.vault.com for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.
49
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition Credit Suisse Group AG
Deals of the Year [Philippines debt exchange warrants] (The Banker, 2009) Best Bond Deal, Best M&A Deal, Most Innovative Deal (The Asset Triple A Awards Australia, 2009) Best M&A Deal, Best Syndicated Loan (Asiamoney Deals of the Year Australia, 2009) Best Arranger of Indonesian Loans, Most Innovative Structurer of LBOs, Asia Pacific Loan of the Year (EuroWeek Asia, 2009) Best Crossing Network: Broker (The Asset Triple A Transactional Banking Awards, 2009) Best Sovereign or Quasi-Sovereign Bond (EuroWeek Asia, 2009) Best Electronic Trading Platform (Asia Asset Management, 2009) Most Innovative Product/Service of the Year in Japan [Credit Suisse AES Pathfinder] (TradeTech Japan, 2009) Best Algorithms, Best Smart Order Routing (Asian Investor, 2009) Best Emerging Markets Bond House, Best Liability Management, Best Leveraged Buyout Deal (The Asset, 2009)
IN THE NEWS
October 2009: Barreling towards the fourth quarter
Third-quarter results were strong again, particularly for the investment banking unit as it booked pre-tax income of CHF 1.75 billion on net revenue of CHF 5.05 billion. Overall, Credit Suisse booked net income of CHF 2.35 billion on core net revenue of CHF 8.92 billion. Strong results were largely attributed to the firm's differentiated investment banking strategy and a realigned platform. Continuing to shore up its risk positions, Credit Suisse also dropped its risk-weighted assets to US$137 billion.
50
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition Credit Suisse Group AG
Visit Vault at www.vault.com for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.
51
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition Credit Suisse Group AG
In total, Credit Suisse Groups revenue for the year stood at some CHF 9.3 billion, down a whopping 76 percent versus its 2007 results. The groups investment banking and asset management businesses saw big losses.
GETTING HIRED
Hiring students and professionals
Undergraduate students, university graduates and experienced professionals can learn more about employment opportunities through Credit Suisse's careers web site for the Asia Pacific region at www.credit-suisse.com/careers. The firm recruits at a number of universities in Australia, China, Hong Kong, India, Japan, Korea, and Singapore; it also recruits overseas in the U.S. and the U.K. On the careers web site, Credit Suisse hosts campus recruiting pages for analysts and associates in Asia Pacific, as well as separate campus recruiting pages for Australia and Japan (the latter in Japanese). Experienced professionals looking to make a lateral move in Asia Pacific can search postings (organized by location or job function) at the firm's career web site. Job functions include administration, asset management, audit and taxation, complex products support, corporate services and facilities management, equities, financial accounting and financial control, fixed income, human resources, information technology, investment banking, legal and compliance, marketing and communications, operations, private banking, product control and risk management.
Credit Suisses full-time programs combine formal learning, on-the-job practice and personal coaching. The program includes technical and financial training, presentations from senior management, internal cross-divisional events, philanthropic and team-building events, and networking events with peers and Credit Suisse professionals. Throughout the training, graduates are exposed to senior managers, colleagues and peers across the bank. Graduates are also given early responsibility and face challenges from day one. Some business areas also host global training programs, which take place in New York, London or Zurich. Candidates should be in their final year of a bachelor's or master's degree for analyst positions, and an MBA or PhD degree for associate positions. Recruitment for full-time hires generally occurs from August to November across Asia Pacific, though it's usually from January to July in Australia. For more information, check out the Credit Suisse careers web site.
52
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition Credit Suisse Group AG
Visit Vault at www.vault.com for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.
53
PRESTIGE RANKING
Two International Finance Centre 52nd Floor 8 Finance Street Central, Hong Kong Phone: +852-2971-8888 Fax: +852-2971-8333 www.ibb.ubs.com
EMPLOYMENT CONTACT
www.ubs.com/graduates
BUSINESSES
Equities Fixed Income, Currencies & Commodities Investment Banking
THE STATS
Employer Type: Business unit of UBS AG Chairman, UBS AG: Kaspar Villiger CEO, UBS AG: Oswald Grbel Co-CEOs, UBS Investment Bank: Alex Wilmot-Sitwell & Carsten Kengeter Chairman & CEO, UBS AG Asia Pacific: Chi-Won Yoon No. of Employees: 17,000 worldwide No. of Offices: Operations in 50 countries
54
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition UBS Investment Bank
THE SCOOP
The big Swiss
UBS Investment Bank is one of the primary units of Swiss-based banking giant UBS AG, one of the worlds largest financial firms. Headquartered in Zurich and Basel, UBS AG underwent a major restructuring in August 2008; the Swiss giant is now comprised of a corporate center and four business divisions: Wealth Management & Swiss Bank, Wealth Management Americas, Global Asset Management and UBS Investment Bank. Worldwide, as of mid-2009, UBS AG employed more than 70,000 people; however, according to a March 2009 statement by the firm, "UBS expects to reduce the number of its employees to about 67,500 by 2010 in order to realize substantial cost savings in all areas." UBS employs around 9,000 in the Asia Pacific region, equivalent to about 13 percent of its total workforce. While staff numbers have fallen in other regions, those in Asia Pacific have been steadily rising (the region represented just 10 percent of the workforce in 2006). UBS operations in Asia Pacific are now headed up by Chi-Won Yoon, who took over as chairman and CEO for UBS AG in Asia Pacific in June 2009.
UBS Investment Bank employs more than 15,000 people worldwide. (At its peak, in the third quarter of 2007, the investment bank employed 23,000.) Providing securities products and research in equities, fixed income, rates and foreign exchange, UBS Investment Bank also provides advisory services and access to the world's capital markets for corporate, institutional, intermediary and alternative asset management clients. Its current plans include sharpening its focus on client-driven growth, and further reducing its balance sheet and risk positions.
Way back
The current incarnation of UBS was formed in 1998 with the merger between the Union Bank of Switzerland and the Swiss Bank Corporation (SBC). These entities merged in 1998 to form UBS AG. SBC's history dates back to the 1870s; during the course of its international growth over more than a century, it had acquired a large number of foreign firms. One of these, the London-based S.G. Warburg Group, became SBC's investment banking division, SBC Warburg. (In 1997, SBC Warburg increased its presence in the U.S. through the acquisition of Dillon, Read & Co.) In 2000, UBS launched its initial public offering on the New York Stock Exchange, and bought New York-based PaineWebber for US$11.8 billion, further solidifying its presence in the U.S. A rebranding in 2003 brought all UBS business groups under one name and one umbrella.
Visit Vault at www.vault.com for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.
55
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition UBS Investment Bank
Best M&A House in Australia (Euromoney, 2009) Best FIG House in Asia (FinanceAsia, 2008) Best Asia-Pacific Equity House (IFR Awards, 2003, 2005-2008) Best Investment Bank in Asia (Euromoney, 2008) Best Foreign Investment Bank in China (FinanceAsia, 2008) Best Foreign Investment Bank in Philippines (FinanceAsia, 2008) Best Equity House in Philippines (Euromoney, 2008) Best Joint Venture Investment Bank (China Securities Times, 2008) Most Influential IPO (China Securities Times, 2008)
IN THE NEWS
November 2009: "Wobbly" road to recovery
UBS AG reported a third quarter 2009 loss of 564 million Swiss francs ($552.9 million), a far cry from the 283 million francs in net profit the firm booked in the same period a year earlier. The results were especially troubling because there were still significant investment outflows in the firm's private banking operations. However, according to UBS AG's CFO John Cryan, the firm is "definitely on the road to recovery, but it will be a wobbly road." Following the earnings release, UBS shares fell in value by more than 4 percent.
Chi-Won Yoon took over as UBS' chairman and CEO for the Asia Pacific region, succeeding Rory Tapner, who left UBS after 25 years at the firm (he had held the top Asia Pacific post for five years). Yoon, who has been with UBS since 1997,
56
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition UBS Investment Bank
was named the head of equities and head of fixed income, currencies and commodities for Asia Pacific earlier in 2009.
Visit Vault at www.vault.com for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.
57
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition UBS Investment Bank
GETTING HIRED
Do your research
As career sites go, the UBS site is straightforward and thorough, with all the necessary hints and tips to prepare a top-quality job application. Start by simply clicking onto the career link and follow the relevant path: Graduates and Interns, MBAs and Advanced Studies, or Professionals. Once in, select the Asia Pacific location and up pops a selection of current positions. Those interested in working within Asia Pacific should bear in mind that they are only allowed to apply for one position at a time. Above all else, UBS believes that doing the right research is key for those wanting to build strong foundations for the application process. Beyond doing your research, UBS recommends attending its university campus events in addition to non-university events, a list of which is given on its web site.
So youve done the research, found a job that suits younow what ? Well, the next thing to do is to create an account, select the relevant position, and fill out the application form. If you impress at this initial stage, youll be invited to take online tests that will assess your numerical ability and logical reasoning. Following this, candidates can expect a round of interviews conducted by business line managers. According to UBS, the purpose of this stage is to evaluate your competencies against those required for the position you applied for. The firm does this by competency-based questioning and further assessment tests to check out what it calls your seven core competencies. These include the ability to solve problems, make decisions with good judgment, communicate, plan and organize, generate new ideas, and work in a team, as well as demonstrating drive and commitment to the position.
58
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition UBS Investment Bank
If your competencies are in order, you can expect one last stage at the companys assessment center, which usually lasts half a day and includes exercises such as presentations and group discussions. UBS says this enables it to appreciate further how your individual skills and competencies fit with our requirements.
Visit Vault at www.vault.com for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.
59
PRESTIGE RANKING
50/F Citibank Tower Citibank Plaza, 3 Garden Road Central, Hong Kong www.icg.citi.com
PLUSES
Global firm with endless opportunities Scope of work on the international markets
BUSINESSES
Citi Capital Advisors Citi Investment Research & Analysis Global Banking Global Markets Global Transaction Services
MINUSES
Very difficult to get promoted No junior support
EMPLOYMENT CONTACT
Graduate Recruitment: oncampus.citi.com Lateral Hiring: careers.citigroup.com
THE STATS
Employer Type: Subsidiary of Citigroup Inc. CEO, Citi: Vikram S. Pandit CEO, Institutional Clients Group: John Havens Revenue: US$91.81 billion (FYE 12/09)* Net Income: US-$1.6 billion* No. of Employees: 265,000 (worldwide)* No. of Offices: 7,500 (worldwide)* *Citigroup Inc.
60
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition Citi Insitutional Clients Group
THE SCOOP
A changing Citi
Parent Citigroup Inc. was rebranded as simply "Citi" back in 2007. For many years, the bank operated its businesses through four key areas: markets and banking, global consumer banking and global cards, global wealth management and alternative investments. In October 2007, Citi merged its markets and banking group (which housed its investment banking operations) with its alternative investments unit, creating an institutional clients group (ICG). Today, Citis ICG offers a full range of corporate and investment banking services, including treasury and trade solutions, securities and fund services, debt and equity capital markets, underwriting and advisory, corporate lending, private banking and institutional asset management. Globally, Citi serves over 200 million customer accounts in more than 100 countries and has over 265,000 employees worldwide. In January 2009, Citi restructured its businesses into two primary segmentsCiticorp and Citi Holdings. consumer banking operations, both of which the group considers its "core Citi properties." Citi had traditionally been revered as the worlds largest financial services group, but the financial crisis has not been kind to this global giant. During the crisis, Citi has seen billions of dollars wiped off its market value, laid off nearly 100,000 employees worldwide since the start of 2008, received US$45 billion in assistance from the U.S. government and sold off some non-core assets in 2009including its U.S. and Japanese brokerage arms.
Raising capital
Citi found itself in the center of the subprime storm in 2007 and early 2008 with heavy losses related to subprime mortgages. In the fourth quarter of 2007, the firm announced its exposure to the mortgage market and write-downs of US$18.1 billion, which led to a net loss of US$9.8 billion for the quarter, the biggest quarterly loss in Citi's history. As a result, the firm joined other American companies to tap investments from sovereign wealth funds and foreign investors in order to bolster liquidity. Citi's cash came from a variety of different sources. In November 2007, the firm announced it would receive a cash infusion of US$7.5 billion from an Abu Dhabi sovereign wealth fund. In January 2008, the Government of Singapore Investment Corporation (GIC) pumped US$6.88 billion into the firm in exchange for a 4 percent stake. Capital Research Global Investors, Capital World Investors, the Kuwait Investment Authority, Saudi Arabia's Prince Alwaleed bin Talal, and Sanford Weill also contributed capital. Beyond that, Citi continued to raise liquidity as it received US$45 billion in October and November 2008 from the U.S. Treasury's Troubled Asset Relief Program (TARP) in an effort to restabilize the markets. The U.S. government is now Citi's largest shareholder, with a 34 percent
Visit Vault at www.vault.com for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.
61
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition Citi Insitutional Clients Group
stake in the bank. At the end of the third quarter of 2009, Citis Tier-1 capital ratio, a key measure of financial strength, was 12.7 percent, among the highest in the industry.
Big layoffs
Citi laid off about 17,000 people in April 2007 in anticipation of subprime-related losses in the second half of the year. In January 2008, Citi announced it was cutting 4,200 jobs from its investment banking division in order to reduce costs. At the time, Citi said that its ultimate total number of layoffs could be close to 20,000 to 24,000, which, due to the firm's massive size, still only accounted for less than 10 percent of Citi's workforce. After four consecutive quarters of losses, Citi announced in November 2008 that it would be cutting an additional 52,000 jobs globally. According to The Wall Street Journal, at least 10,000 of the job cuts were expected to come from investment banking. Further reductions have left Citi with a workforce of around 265,000 employees globally as of December 2009.
Overall Best FX Banks in Asia: 1991-2008 Best Overall Cash Management Banks in Asia (as voted by corporates): 1999-2008
62
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition Citi Insitutional Clients Group
IN THE NEWS
October 2009: Jewel in the crown
Citis Asia Pacific business has been described as the "jewel in the crown," and its results fpr the third quarter 2009 proved why. Net income for the banking giant in the region stood at US$845 million for the quarter, the largest net profit result for the period for any region in which Citi operates. "Asia Pacific is a credit-tested durable business," said Asia Pacific co-CEO Stephen Bird in a statement. "China lies at the very heart of Citi's Asia Pacific priorities." Citi's business on the Chinese mainland, Taiwan and Hong Kong contributed to about one-third of Citi's overall business in the region.
Visit Vault at www.vault.com for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.
63
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition Citi Insitutional Clients Group
64
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition Citi Insitutional Clients Group
Visit Vault at www.vault.com for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.
65
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition Citi Insitutional Clients Group
November 2008: Nayar heads to KKR, Robinson takes over South Asia
Sanjay Nayar, Citi's head of the South Asia cluster, left his post to join the Indian unit of private equity firm Kohlberg Kravis Roberts & Co. (KKR). Nayar had been at Citi in various roles for 23 years, and called the decision a personal one. Citi Asia Pacific CEO Ajay Banga remarked, "Sanjay has had a distinguished career at Citi as an international manager, having held senior positions in New York and London. He has made an immense contribution to establishing Citi as the leading financial services franchise in India and throughout Southeast Asia." In the interim, Nayar was replaced by Mark Robinson, who had been serving as Citi's head of Russian operations. Robinson has been with Citi for 24 years, primarily in emerging markets.
GETTING HIRED
Customized for: vinh (phamvinh@nus.edu.sg)
66
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition Citi Insitutional Clients Group
For graduates, Citis ICG careers web site at oncampus.citi.com includes an up-to-date recruiting calendar. Candidates from around the world can log on and submit their resumes through the online application process, which opens each autumn. Experienced hires looking for positions should check out careers.citigroup.com.
"Respect is fundamental"
We are told that respect is fundamental, and this extend to relations between bankers and their managers. The managers I work with are very nice, helpful and reasonable, says one insider, while a colleague says that relationships consist of openness and allow an easy flow of information. Relationships are always dependent on the team and their culture. And as one contact explains, Some teams are very open, without much hierarchy, while some teams are just the opposite. On the whole, Citis ICG insiders give high marks to teamwork. This teamwork is said to extend to the upper echelons of the company. At Citi, seniors are very approachable, and VPs sit down and go through models with me step-by-step. I dont think you would find this kind of help in other banks, says a respondent. People are fun to hang out with outside of work, too. You have to like the people that youre working with; otherwise everyday would be tough, especially if you need to spend over 12 hours in the office. However, at the end of the day, Citis ICG is still an investment bank, and insiders admit that, like most firms in the industry, the work is still tough, ruthless and demanding of a lot of personal time.
Visit Vault at www.vault.com for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.
67
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition Citi Insitutional Clients Group
Standard salaries
Insiders say their hours at Citi ICG average between 70 to 80 a week, with about 15 hours on weekdays and five hours on a Saturday. That said, some say they work substantially longer, clocking in over 100 hours a week. However, one source explains, Hours-wise, its much better than when I was with the firm over the summer of 2007. Moneywise, bankers receive salaries that are described as the market average. One staffer tells us that, given this years business performance, I expect the base salary and expected bonus to perhaps be below the market average. In addition to base salaries and bonuses, the firm also provides staff with housing allowances and rotation schemes to other geographies.
68
PRESTIGE RANKING
10
BARCLAYS CAPITAL
KEY COMPETITORS
Deutsche Bank Goldman Sachs J.P. Morgan UBS
Hong Kong Regional Headquarters 42/F Citibank Tower 3 Garden Road Central, Hong Kong Phone: +852-2903-2000 Fax: +852-2903-2999 www.barcap.com
THE STATS
Employer Type: Division of Barclays PLC Ticker Symbol: BARC (LSE), BCS (NYSE), 8642 (TYO) Barclays PLC Chief Executive: John Varley Barclays PLC Chairman: Marcus Agius Barclays PLC President: Robert Diamond Jr. Barclays Capital President: Jerry del Missier Barclays Asia Chairman & CEO: Robert Morrice Barclays Capital Net Income: 2.8 billion (FYE 12/08) No. of Employees: 20,000 worldwide No. of Offices: Offices in 33 countries
EMPLOYMENT CONTACT
www.barcap.com/campusrecruitment
69
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition Barclays Capital
THE SCOOP
Global reach
Barclays Capital is the investment banking arm of Barclays PLC, a global bank with more than 1.5 trillion of assets on its balance sheet and 49 million customers worldwide. Barclays has two business clusters: global retail banking, and corporate and investment banking and wealth management. The latter comprises Barclays Commercial Bank, Barclays Wealth and Barclays Capital. Globally, Barclays Capital has offices in 33 countries and over 20,000 employeesa number which has increased since the acquisition of Lehman Brothers' North American investment banking and capital markets divisions, just one day after the U.S. firm filed for bankruptcy. In Asia Pacific, Barclays Capital employs more than 4,000, and that's also been increasingthe headcount has grown over 50 percent in the last several years. With regional hubs located in Hong Kong, Singapore and Tokyo, Barclays Capital provides large corporations, government and institutional clients with a full spectrum of solutions to their strategic advisory, financing and risk management needs. The firm offers services to both issuer and investor clients, and its product suite includes commodities, emerging markets, equities, fixed income, foreign exchange, prime services, strategic portfolio and liquidity management and treasury. Though its investment banking roots began in the 1980s, Barclays Capital was officially created in 1997 to provide financing and risk management solutions to corporate, government and institutional clients around the world. Although it's younger than many of its peers, Barclays Capital, thanks to its relationship with its parent firm, has grown at an astonishing rate and today is one of the worlds leading investment banks.
Growth spurt
While Barclays PLC traces its roots to late 17th-century London, Barclays Capital grew out of its parent company's continuing global expansion in the 1980s and the founding of an investment management division in 1986 that was initially named BZW Investment Management. With eyes on the global market, investment banking services were extended to Asia Pacific. And in 1995, Barclays Bank PLC purchased U.S.Japanese joint venture fund manager Wells Fargo Nikko Investment Advisers and merged it with BZW, creating Barclays Global Investors. However, in 1997, parts of BZW were sold offCredit Suisse First Boston purchased the European and Asian equities and M&A advisory businesses, and ABN AMRO bought the Australian and New Zealand operations. The remaining pieces of BZW were rebranded as Barclays Capital in 1997. Barclays Capital underwent another global push in the late 1990s and early 2000s. And in recent years, the firm has increased the range of its investment banking activities to include mortgage-backed securities, equity products, commodities and derivative products, across all asset classes. Over the last few years, Barclays PLC has also increased its position in Asia, thanks in part to investments from two major state-run shareholders in the region. In 2007, Singapore's state-run investment firm Temasek Holdings and China Development Bank (CDB) became major shareholders of Barclays Plc with a 3.6 billion investment. (Temasek divested its holding in early 2009.) CDB and Barclays have since formed a commodities strategic alliance.
However, bucking the trend of falling headcounts, Barclays Capital actually increased its headcount, although the bulk of additions were the direct result of absorbing Lehman's staff in North America. The acquisition initially added about 10,000 staff before reductions were made in the fourth quarter when integration of the U.S. businesses was completed.
70
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition Barclays Capital
Best FX House, Best Commodities Structured Product: CORALS (FinanceAsia Structured Products Awards, 2009) Best FX and Commodities House (FinanceAsia Structured Products Awards, 2008) Best Commodities Derivatives House, Best Local Currency Structured Product: CORALS (The Asset Triple A Investment Awards, 2009) Best Structured Products House: Retail, Best Commodities Structured Product: Global Commodities Delta Fund (The Asset Derivatives & Structured Products Awards, 2008) Fixed Income Research PollNo. 1 overall (FinanceAsia,2009) FX PollNo. 1 Single-bank Electronic Trading (BARX), as voted by financial institutions; Best Single-bank Electronic Trading Platform in India; Best Single-bank Electronic Trading Platform in Taiwan (Asiamoney, 2009) Institutional Derivative User SurveyNo. 2 overall, No. 1 in Credit and No. 2 in Equity, FX and Interest Rates (AsiaRisk, 2009) Commodity Derivatives SurveyNo. 3 overall, No. 1 in Precious Metals, No. 2 in Base Metals, No. 3 in Structured Products, No. 3 in Emissions, No. 4 in Agriculture, No. 4 in Crude Oil & Refined Products, No. 5 in Natural Gas (AsiaRisk, 2009) FX PollNo. 3 in Asia Pacific by volume (Euromoney, 2007-2009) Japan FX PollE-trading Single-bank Platform (BARX) (Euromoney, 2006-2008)
IN THE NEWS
September 2009: New APAC heads for I-banking and prime services
Barclays Capital announced that it had named a new head of investment banking for the Asia Pacific region. Matthew Ginsburg took over the role after previously serving in the same position at Morgan Stanley; he will be based in Hong Kong. Ginsburg joined Morgan Stanley in Asia in 1996, serving in a variety of roles, and was previously at First Boston in New York, Tokyo and Hong Kong. Barclays Capital also named a new Asia Pacific head for its prime services division. Ryan Bacher was hired from Deutsche Bank, where he spent 11 years in senior roles in prime finance and prime brokerage. Bacher will be based in Hong Kong, and will oversee prime services offerings such as equities financing, fixed income financing, futures and Barclays Capital's multi-asset class prime brokerage platform.
Visit Vault at www.vault.com for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.
71
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition Barclays Capital
In July 2009, in moves to bulk up its foreign exchange businesses in Asia, Barclays Capital named a number of senior hires, including Ivan Ferraroni, formerly Royal Bank of Scotlands head of FX sales and trading in Tokyo, as head of Asia FX bank sales. Ferraroni will be based in Singapore and joins other new appointments on the Asia Pacific forex team, including Eric Schatz, who was named head of foreign exchange for Japan. In addition, Toshimasa Fujii was hired from the Japanese operations of U.S.-based forex firm Currenex to become a director of foreign exchange sales in Tokyo. And Gaurav Tholia joined Barclays Capital's Singapore office from J.P. Morgan, taking on the role of vice president in charge of foreign exchange derivatives sales to banks and private banks in Asia excluding Japan. Barclays Capital also announced in July 2009 that it had increased its overall headcount in Japan by about 200, bringing the total to about 750, as part of an overall strategy to derive 50 percent of its revenue from outside the U.K. President Bob Diamond revealed that the bank planned to hire up to as many as 1,000 people by the end of 2009, with most of the new hires coming Asia.
GETTING HIRED
Customized for: vinh (phamvinh@nus.edu.sg)
72
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition Barclays Capital
Three levels
Along with internship programs, Barclays Capital offers three entry levels for graduates: analyst, associate and quantitative associate. Analyst positions require at least an undergraduate degree and "possibly" a Master's degree. The firm's web site lists intelligence, numeracy and communication skills among its sought after qualities for this role, and notes fluency in more than one language as a definite asset. Barclays Capital lists a number of specific functions available in the analyst role such as compliance, corporate communications, finance, global financial risk management, global marketing, human resources, investment banking, legal, operations, prime services quantitative analytics, research, sales, strategic planning, structuring, technology and trading. Barclays Wealth also recruits at the analyst level in the Asia Pacific region. The associate role is a bit more specialized, calling for applicants either to be graduated or working towards a Master's degree in Finance or an MBA, along with prior professional work experience. Positions at this level are available in the areas of investment banking, sales, strategic planning, structuring and trading. If you're more interested in a cutting-edge technical role developing mathematical models for trading and risk management activities, then you might want to take a look at the quantitative associate position. Candidates for these positions should have gained or be studying towards a PhD (or equivalent) in a highly technical discipline. If you're not at the doctorate level, you still have a shot if you're studying at a post-graduate level and can demonstrate a good understanding of at least two of the following: probability and stochastic calculus, analysis, numerical methods and coding. Positions encompass the areas of global financial risk management, investment banking, quantitative analytics, research, structuring and trading.
Looking to the future, most insiders at the firm think Barclays Capital will do well when the economic crisis simmers down, with one claiming that the firm is better positioned than a lot of its peers. That said, some sources say 2008 saw meager year-end bonuses due to the recession, with other banks performing worse than Barclays, but still paying out more.
Visit Vault at www.vault.com for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.
73
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition Barclays Capital
work is on a rotational basis. Another insider in Asia explains, As long as you finish your tasks, there is no need to stay until your boss leaves.
Graduate learning
Barclays Capital encourages employees to constantly engage in training to upgrade themselves. This is, of course, after the initial four- to eight-week graduate training program in London, focusing on financial concepts and soft skills. Following this, newbies can expect to take part in a one-year long continuous professional education program for graduates. Once completed, bankers can participate in various kinds of online or classroom training, with Barclays constantly striving to provide new and relevant courses for the employees.
Women on top
Employees at Barclays Capital rate the firm highly when it comes to the position of women in the firm, mentioning that it has its own internal network that constantly organizes seminars and workshops to provide work tips for women. Barclays Capital is strong in its stand for gender diversity, raves one source. While we're told the number of women in IT is less than in other areas, we're also informed that this is made up for the significant number of senior managers who are women.
74
PRESTIGE RANKING
11
Head Office: 1 Basinghall Avenue London, EC2V 5DD United Kingdom www.standardchartered.com
PLUSES
Cosmopolitan workplace with staff from all over the world Great relations between superiors and peers
MINUSES
Infrastructure such as speed of bandwidth Work pressure
BUSINESSES
Consumer Banking Wholesale Banking
EMPLOYMENT CONTACT
www.standardchartered.com/careers www.standardchartered.com/graduates www.standardchartered.com/interns
THE STATS
Employer Type: Public Company Ticker Symbol: STAN (LSE), 2888 (HKSE) Group CEO: Peter A. Sands CEO, Asia: Jaspal Bindra Operating Income: US$14 billion (FYE 12/08) Net Income: US$4.5 billion No. of Employees: 73,000 No. of Offices: 1,700
75
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition Standard Chartered Bank
THE SCOOP
Royal banking
In 1969, the Chartered Bank of India, Australia and China merged with the Standard Bank of British South Africa, forming today's Standard Chartered Bank. The Chartered Bank was founded by an emissary of Queen Victoria in 1853. The first branches opened in Mumbai, Calcutta and Shanghai in 1858, followed by branches in Hong Kong and Singapore. Meanwhile, Standard Bank was founded in South Africa in 1863 by John Paterson. It grew throughout the continent of Africa over the next 100 years, becoming prosperous as the result of financing diamond and gold mining in the region. After the merger, Standard Chartered entered a period of change. Since the early 1990s, the bank has focused on developing its franchises in Asia, the Middle East and Africa, using its operations in the U.K. and North America to provide customers a bridge between these markets. Today, the company focuses on consumer, corporate and institutional banking, as well as on providing treasury services.
Historic ties
Standard Chartered PLC, listed on both the London Stock Exchange and the Hong Kong Stock Exchange, ranks among the top 25 companies in the FTSE-100 by market capitalization. In Asia Pacific, Standard Chartered has the unique advantage of longevity. The bank has maintained a major presence in India, Hong Kong and Singapore for almost 150 years. It has played a historic role in linking the financial and cultural centers of Europe and the Americas to Asia and the East. The London-headquartered group has been a major player in Asia Pacific, and a banking powerhouse in Africa and the Middle East. It derives more than 90 percent of its operating income and profits from Asia, Africa and the Middle East. Standard Chartered employs 73,000 people, representing 115 nationalities. It has more than 1,700 branches and outlets located in over 70 countries. The bank's income and the number of employees have more than doubled over the last five years; operations are fairly balanced between its two primary business units: wholesale banking and consumer banking. The firm's consumer banking business serves over 14 million customers across Asia, Africa and the Middle East, with major operations in Hong Kong, South Korea, Taiwan, Singapore, Malaysia, Thailand, India, U.A.E., Pakistan, Botswana, Kenya and Zimbabwe. The bank provides a wide range of products and servicessuch as credit cards, personal loans, mortgages, deposit taking and wealth managementto individuals and small- and medium-sized businesses through a network of more than 1,700 branches. The wholesale banking business serves corporate and institutional clients in more than 70 countries, providing trade finance, cash management, securities services, foreign exchange, risk management, capital raising and corporate finance solutions.
76
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition Standard Chartered Bank
In the last half of 2007, the firm started an aggressive expansion program that included five major acquisitions, incuding the American Express international banking purchase, Indian brokerage UTI Securities and South Korean fund administration company A Brain. In early 2008, the bank bought another South Korean company, Yeahreum Mutual Savings Bank. And while other financial institutions were reporting huge losses in their annual reports for 2008, Standard Chartered announced that its operating income actually rose 26 percent to $14 billion and its operating profit jumped 13 percent to $4.5 billion in 2008. The positive results were due to the banks strong focus in Asia. In Hong Kong, the firm booked operating profit of $445 million; in Singapore, it brought in $309 million worth of profits. The bank acknowledged that although its target markets in the East were suffering, the downturn would be shorter there than in the U.S. and Europe. It also revealed that it had reduced the bonuses of its directors by between 10 and 25 percent, and imposed salary freezes on senior managers across all regions.
IN THE NEWS
August 2009: New opportunities
In order to take advantage of new business opportunities, the bank outlined its plans to raise 1 billion by issuing new shares to investors. The deal consisted of 75 million shares priced at 13.60 each and followed reports that the Asian-based bank was closing in on a deal to buy RBS Asia units in India, China and Malaysia. According to the Indian Economic Times, the bank was poised at the beginning of August to pay $250 million for RBS retail and small business lending operations in these countries.
Visit Vault at www.vault.com for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.
77
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition Standard Chartered Bank
additional employees, most based on the Chinese island. It also meant the bank would have a stronger equity markets platform to offer clients financing, distribution, equity research and advisory capabilities.
GETTING HIRED
The global Standard
Standard Chartered offers careers that are truly global in scope, providing employees with opportunities to travel, interact and learn from other cultures. Each year as many as 20 percent of its employees get "expanded role opportunities." Over 2,000 of its employees are on crossborder assignments at any given time. Nearly half of its employees are women, and almost 80 nationalities are represented among its top 500 managers. Standard Chartered maintains an extensive careers section of its web site at www.standardchartered.com/careers. There, the firm organizes information about career opportunities into four main divisions: consumer banking, wholesale banking, group technology and operations, and support functions (including corporate affairs, human resources, finance, compliance and assurance, and more). The bank provides information on internships and programs for new graduates. For new graduates, the firm runs a two-year rotational "International Graduate Programme" (IGP). The career section of the firms web site also includes a space specifically for MBAs interested in working at Standard Chartered. The site allows jobseekers to search for opportunities in Asia by division and country. In consumer banking, job opportunities can be found in China, Hong Kong, Singapore, Thailand, Indonesia and India. In the wholesale banking division, jobseekers can search for positions in China, Hong Kong, Japan, Singapore, Thailand, Indonesia and India.
78
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition Standard Chartered Bank
Not politics
On the whole, there are good relations between superiors and colleagues at the bank. Support is always there when you need it from motivated management, and there is very little politics. However, insiders highlight some issues in China where the speed of development has left some managers without time to learn the appropriate skills. Young talent is abundant, explains a contact in the Shanghai office. It is the management talent that is sometimes lacking. This is a result of the extreme speed in development of financial services in China. There hasnt been the time for many financial service employees to develop into good managers.
Visit Vault at www.vault.com for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.
79
PRESTIGE RANKING
12
No. 1 Martin Place Sydney, NSW 2000 Australia Phone: +61-2-8232-3333 Fax: +61-2-8232-7780 www.macquarie.com.au
EMPLOYMENT CONTACT
www.macquarie.com.au/careers
THE STATS
Employer Type: Public Company Ticker Symbol: MQG (ASX) Chairman: David Clarke Managing Director & CEO: Nicholas Moore Consolidated After-Tax Profit: AU$871 million (FYE 3/09) Total Operating Income: AU$5.53 billion No. of Employees: 12,700 No. of Offices: More than 70 office locations in 26 countries
80
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition Macquarie Group Limited
THE SCOOP
Expanding from down under
Best known in its home country of Australia, Macquarie is a global provider of banking, financial, advisory, investment and funds management services. Headquartered in Sydney since its inception, the bank evolved from Hill Samuel Australia Limited, which was established in 1969 as a subsidiary of the U.K. merchant bank Hill Samuel & Co. In 1985, a banking license was acquired and Macquarie Bank opened its doors for business with a retail branch in Sydney. It adopting its name from Governor Lachlan Macquarie, the man largely responsible for transforming the early settlement in Australia from a penal colony into a dynamic economy. Macquarie Bank went public on the Australian exchange in 1996. In Australia and New Zealand, as well as around the world, Macquarie acts for a wide range of institutional, corporate, government and retail clients. In the Asia Pacific region, Macquarie offers a full range of investment, financial market and advisory products and services. Asian offices are located in China, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan and Thailand. Macquarie employs approximately 12,700 people in more than 70 offices in 26 countries. This includes more than 5,400 employees in offices outside Australia, representing 43 percent of total staff. For the fiscal year ending March 2009, Macquarie posted total operating income of AU$5.5 billion and net profit of AU$871 millionremaining highly profitable but ending 16 years of profit growth.
Visit Vault at www.vault.com for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.
81
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition Macquarie Group Limited
structured equity finance. The securities arm is subdivided into three divisions: cash, Delta1 and derivatives. Macquarie Securities also provides a select range of products and services in Europe, Africa and the Americas. Meanwhile, Macquarie Funds was formed in August 2008 from the merger of the funds and funds-based structured product businesses within the funds management group, the funds products division from the equity markets group and Macquarie Capitals products division. Macquarie Funds offers a range of investments for both retail and institutional investors across a variety of asset classes, including equities, listed infrastructure, private equity and hedge fund of funds, listed real estate, currencies, fixed income and cash. Macquarie Funds oversees combined funds under management of AU$70 billion and AU$7 billion in funds-based structured products; it does not include Macquarie's specialist infrastructure and real estate funds operations.
IN THE NEWS
August 2009: Sino-Australian trust approved
Macquarie received regulatory approval in August 2009 from the Chinese government to launch a trust joint venture. Known as Sino-Australian International Trust, the Shanghai-based entity will offer corporate banking and asset management services in China. Macquarie will hold the maximum stake allowed by regulation at 19.99 percent, while the rest will be held by state-backed firms, including Beijing Sanjili Energy and Beijing Rongda Investment.
82
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition Macquarie Group Limited
Visit Vault at www.vault.com for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.
83
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition Macquarie Group Limited
GETTING HIRED
A different kind of vacation
Job seekers can find out more about opportunities at Macquarie by visiting www.macquarie.com/careers and choosing the relevant location in which they wish to work. Applicants are able to research and apply for Macquarie's available full-time positions, as well as its graduate and internship programs. There's also information about Macquarie's work environment and testimonials from current employees, including video presentations. Opportunities exist across the Asia Pacific region in Australia, China, Hong Kong, India, Japan, Korea, Malaysia, New Zealand, the Philippines and Singapore. Macquarie's internship program grants university undergraduates the opportunity to join various teams within the company where they can benefit from hands-on experience, exposure to the financial services sector and insight into the career opportunities offered at Macquarie. The graduate program allows students the opportunity to secure a position upon commencement of their studies. Visit the careers web site to find out more about application dates and the application process.
84
PRESTIGE RANKING
13
Japan Headquarters: 1-9-1, Nihonbashi, Chuo-ku Tokyo 103-8645 Japan Phone: +81-3-5255-1000 Fax: +81-3-3278-0420 Asia Regional Headquarters: 30/F, Two International Finance Centre 8 Finance Street Central, Hong Kong Phone: +852-2536-1111 Phone: +852-2536-1888 www.nomura.com
EMPLOYMENT CONTACT
www.nomura.com/careers
KEY BUSINESSES
Asset Management Domestic Retail Global Investment Banking Global Markets Global Merchant Banking
THE STATS
Employer Type: Public Company Ticker Symbol: 8604 (TYO), NMR (NYSE) President & CEO: Kenichi Watanabe Total Revenue: 664.51 billion (FYE 3/09) Net Income: -708.19 billion No. of Employees: 25,000 No. of Offices: 190 offices in 30 countries worldwide
85
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition Nomura Holdings, Inc.
THE SCOOP
From Tokyo to the world
Japanese-based Nomura Holdings is one of the world's largest securities and investment banking firms. As of September 2009, Nomura boasted 27.7 trillion in total assets. The company was founded in 1925 and ever since has been a force of dominance domestically and abroad. Nomura has offices all over the world, including four main hubs in Tokyo, Hong Kong, New York and London. While Tokyo serves as the firm's overarching headquarters, the Asia (excluding Japan) headquarters are located in Hong Kong. Nomura operates through five main areas of business: domestic retail, global markets, global investment banking, global merchant banking and asset management. The domestic retail banking section operates branches through Nomura's home country of Japan, and also offers consulting services and financial products. The global markets division provides global fixed income, global equity and asset finance services. The global investment banking division provides a wide variety of investment banking services including underwriting debt, equity and other securities, as well as providing financial advisory for a diverse range of business transactions. Nomura's global merchant banking arm conducts private equity deals in Japan, Europe and the United States. Finally, the firm's asset management business develops and manages investment trusts and investment advisory services through its subsidiary, Nomura Asset Management Company. Traditionally known in Japan as a domestic retail bank, times may be changing for the firm, as Nomura has shown increasing interest in expanding its global operationsparticularly with the September 2008 acquisition of Lehman Brothers' assets across Asia, the Middle East and Europe. Worldwide, Nomura offers a full range of securities and investment banking services, including asset management, merchant banking, corporate advisory, derivatives, foreign exchange, sales and trading, research and capital raising.
Roots in Osaka
The son of an Osaka moneychanger, Tokushichi Nomura II was born in 1878, the year the Osaka and Tokyo stock exchanges were founded. At that time, Osaka was Japan's business and finance center. After a three-year transcription in the Japanese army, young Nomura joined his father at the family business (called Nomura Shoten, or Nomura Shop). By 1904, the younger Nomura was running the shop, and he decided to add stock sales, trades and spot transactions to his father's currency exchange business. In 1906, Nomura created an in-house research department, and, to this day, research is a central aspect of his firm's operations. He began publishing a daily newsletter called the Osaka Nomura Business News, which contained stock analysis, economic research and trading reports. Nomura became well known throughout Japan; no other broker at the time was putting out such reports. Thanks to his solid reputation, Nomura and his company survived the Japanese market crash of 1907. A year later, he took a life-changing trip to New York. Nomura returned to Japan with the intention of creating a global finance firm that could compete with the best; his first step was to expand his research department and create a translation department so he could become involved in foreign currency-denominated bonds. Underwriting and international trading were ramped up, and by 1917, Nomura Shoten became Nomura Shoten Incorporated. In 1922, Nomura formed a holding company to contain his empire, and three years later, his securities division was incorporated separately as Nomura Securities. In 1927, Nomura's dream of opening an office in New York came true. By then, Nomura's enterprises included the standalone securities division, bond sales, underwriting and commercial banking under the Osaka Nomura Bank name. In 1946, the firms headquarters shifted to Tokyo; five years later, it launched an investment management business. Nomura is credited with pioneering the use of investment trusts in Japan; it was also one of the first foreign-owned companies to gain membership on the London Stock Exchange. Under leadership in the late 1990s and early 2000s, Nomura went through a series of restructuring moves that were finalized in a transition to a holding company in October 2001.
Landing Lehman
Customized for: vinh (phamvinh@nus.edu.sg)
In September 2008, Nomura made the purchase of a lifetimeat the epicenter of the global financial crisis. After the spectacular collapse of U.S. investment bank Lehman Brothers, Nomura swooped in to buy Lehmans equities and investment banking operations in Europe, Asia and the Middle East. The Asian businesses sold for US$225 million, while the European and Middle East arms went for nominal sums reported to be two U.S. dollars each. Analysts noted that Nomura put forth an impressively low figure for all that, considering that Europe and Asia previously represented half of Lehmans annual revenue, and CEO Kenichi Watanabe agreed, calling it a "once-in-a-lifetime opportunity." The Lehman acquisition clearly marked Nomuras leap to the global investment banking major leagues. As well, the move preserved thousands of Lehman bankers jobs outside the U.S. and boosted Nomuras headcount by over 8,000including nearly 3,000 Lehman employees in Asia.
86
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition Nomura Holdings, Inc.
When the deal marked its first anniversary in September 2009, it still remained to be seen how legacy Lehman employees would ultimately merge into Nomuras culture and system over the three-year integration plan set forth by Watanabe. Some initial attrition occurred early in the acquisition, as some high flyers departed for Merrill Lynch, Blackstone and UBS within the first few weeks. At the end of Nomuras fiscal year in March 2009, as the bonus season approached, Reuters reported that veteran Nomura bankers were also concerned about disparities between their pay and the incentives offered to Lehman employees who remained with the firm. Meanwhile, some former Lehman bankers have publicly expressed frustration at Nomuras conservative, risk-averse way of doing business. Compounding matters, Nomura took a hefty 67.8 billion loss for its fiscal year ending in March 2009. However, things quickly shiftedJuly 2009 marked a solid return to profitability for Nomura, less than a year after the acquisition and, at least temporarily, silenced many critics.
IN THE NEWS
Customized for: vinh (phamvinh@nus.edu.sg)
Visit Vault at www.vault.com for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.
87
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition Nomura Holdings, Inc.
The financial world took notice when Nomuras global head of investment banking, Hiromi Yamaji, packed his bags for London. In a shift that signaled Nomuras heightened focus on Europe, Yamaji announced that the investment banking division would be run from the U.K. instead of Nomura's global headquarters in Tokyo. "The importance of Japan as our most important market won't change," Yamaji told the Financial Times. Even though Japanese retail banking remains Nomuras biggest money-maker, Yamaji promised that his move "is a message that we place priority on London."
88
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition Nomura Holdings, Inc.
GETTING HIRED
Grads unite
Nomura's main careers page provides links to sites for four regions: Japan, Asia Pacific, Europe and the Americas. Japan's careers site is predominantly in Japanese, though the firm has plans to include more English information in the near future. Within the Asia Pacific region, graduate roles are divided into two areas at Nomura: global markets (including sales, trading, research and structuring) and investment banking (including deal execution, client relationship management and strategic analysis). In 2010, the firm will also be looking to add graduates to its corporate infrastructure divisions. The application deadline for full-time grads and summer interns are posted on the Nomura web site. Once you've put in your application, Nomura has a first-round interview stage (phone or face-to-face); if you pass the first round, final round interviews are conducted by phone, videoconference or face-to-face depending on your location. One insider describes personal experience with the process as "three rounds of phone interviews, plus two face-to-face interviews." Another source agrees that it's "usually four to five interviews."
Interns eternal
Aside from full-time graduate positions, a 10-week summer internship program is available at both the analyst and associate levels. Spanning the global markets and investment banking divisions (as well as occasional placements into corporate infrastructure), the internship includes a buddy/mentor system as well as formal and informal training sessions. For specific deadlines, check Nomura's Asia careers site for more details. Past interns rave about their experiences, describing it as "very important." Although the Nomura internship program is not as well established as it was at Lehman Brothers, there has been strong momentum after a successful first summer class. One Tokyo source also offers a tip for those interested in landing a Japan placement: "The best way to get hired for a job in Japan is to attend the Boston Career Forum [the world's largest Japanese-English bilingual job fair] in Novemberthat's how I got hired."
Getting acquainted
In the post-Lehman era, Nomura has done its best to bring everyone under one roof that's described as "respectful," "friendly" and "open." An insider says, "People here actually get along and are friends outside of work. There are few cut-throat bankers, and it's a non-toxic environment." With any merger, there are a few initial worries about culture clash, but most Nomura and Lehman employees are looking ahead to a bright future together. A former Lehman staffer says, "I'm still assessing Nomura's culture as I'm getting to know the post-merger firm." However,
Visit Vault at www.vault.com for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.
89
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition Nomura Holdings, Inc.
another source assures, "Once the two cultures are meshed, it will be fine; in the meantime, we are trying to integrate." In Tokyo, an insider tells us that "the culture has become much more international here since all the Lehman people have joined."
Eyes on diversity
For women, the Nomura environment is "surprisingly good," despite some negative reports in the media and revealing data on Nomura's web site (with one page showing less than 4 percent of females in management at Nomura Securities as of July 2009). Another insider gives the lowdown: "I was involved in Lehman's internal women's network, and everyone was welcome to join. They have diversity officers who run programs like that, and these people continue at Nomura to help employees appreciate diversity."
90
PRESTIGE RANKING
14
Regional Headquarters: 42nd Floor, Two International Finance Centre 8 Finance Street Central Hong Kong Phone: +852 2847.5222 Fax: +852.2847.5232 www.bankofamerica.com
EMPLOYMENT CONTACT
bankofamerica.com/careers bankofamerica.com/campusrecruiting
THE STATS
Employer Type: Public Company Ticker Symbol: BAC (NYSE) Chief Executive: Brian Moynihan Revenue: US$119.64 billion (FYE 12/09) Net Income: US$6.3 billion No. of Employees Worldwide: 283,717 No. of Employees in Asia: 5,000+
91
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition Bank of America Merrill Lynch
THE SCOOP
Beyond America
Bank of America is one of the worlds largest financial institutions, serving clients in more than 150 countries. The company has business relationships with more than 80 percent of the Global Fortune 500. In September 2008, Bank of America made just about every headline in the world, announcing that it would buy New York-based investment bank Merrill Lynch. On January 1, 2009, the bank officially acquired Merrill Lynch in exchange for common and preferred stock with a value of US$29.1 billion. BofA, which called the purchase "a great opportunity for our shareholders," expects to achieve US$7 billion in pre-tax expense savings by 2012. When the deal closed in early 2009, it made BofA the biggest U.S. bank in terms of assets, with more than US$2 trillion. It also made the combined firm the largest brokerage firm in the world, with about 16,000 financial advisors; one of the leading investment banking advisory firms, with significant operations in M&A advisory as well as debt and equity underwriting; and one of the worlds top wealth management firms, with Merrill Lynchs nearly 50 percent stake in U.S.-based investment management company BlackRock. Also in January 2009, not long after the Merrill Lynch deal closed, BofA accepted its second round of TARP (Troubled Asset Relief Program) funds from the U.S. government, taking US$20 billion in exchange for preferred stock in the firm. That brought BofAs total TARP funds to US$45 billion (in October 2008, the U.S. government gave US$15 billion to BofA and US$10 billion to Merrill Lynch under TARP in exchange for preferred shares). But in December 2009, Bank of America repaid the entire US$45 billion. Bank of America is headquartered in Charlotte, N.C. Many of Bank of Americas services to corporate and institutional clients are provided through its U.S. and U.K. subsidiaries such as Banc of America Securities LLC and Banc of America Securities Limited. Banc of America Securities LLC (BAS), based in New York City, is the investment banking subsidiary of Bank of America. BASs business spans both domestic U.S. and international investment banking markets. The use of the word Banc tends to confuse some people, but its use bears great significance in that it is indicative of the fact BAS is not a bank, and its deposits and holdings are not insured by the Federal Deposit Insurance Corporation. Based in New York City, Merrill Lynch had two main business segments when it came into the BofA fold: global markets and investment banking (with sub units of sales and trading; fixed income, currencies and commodities; equities; and investment banking), and global wealth management (which included global investment management and global private clients). Bank of Americas global banking unit focuses on companies with annual revenue of more than $2.5 million. This includes middle-market and large corporations, institutional investors, financial institutions and government entities. The units services include M&A, raising equity and debt capital, lending, trading, risk management, treasury management and research. Bank of America has operated in Asia for more than 60 years, providing clients in the region with corporate investment banking, global markets, investment management, treasury management and leasing services. Today, BofA has more than 5,000 employees in Asia working out of 12 countries across five time zones.
Lewiss reign
Kenneth D. Lewis, who stepped down as CEO at the end of 2009, had been the banks chief executive officer since 2001. Although he received a lot of heat in 2008 and 2009 (while many big banks, including BofA, were hurting), Lewis was credited with many achievements during his tenure as CEO. Under Lewiss watch, before the worldwide economic slide, BofA doubled annual revenue, doubled annual profit, increased assets to US$1.7 trillion from US$642 billion, and grew its market capitalization to US$183 billion from US$74 billion. Since the slide, things werent as smooth for Lewis, who endured much criticism for acquiring Merrill Lynch just prior to Merrill announcing billions of dollars in losses. Lewis path to company leadership started in 1969 when he joined North Carolina National Bank (NCNB, predecessor to NationsBank and Bank of America) as a credit analyst in Charlotte, North Carolina. After various U.S. roles, he took over as manager of the banks international banking business in1977. Lewis executive progression continued and when he was appointed as chairman, chief executive officer and president of Bank of America in April of 2001, he was already serving the company as president of consumer and commercial banking and chief operating officer. In 2007, Time magazine included Lewis on its The Time 100 List identifying him as one of the 100 most influential people in the world. And in 2008, Lewis was named Banker of the Year by American Banker magazine.
92
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition Bank of America Merrill Lynch
Merrills history
The Merrill in Merrill Lynch was Charles E. Merrill, who founded the firm in New York City in 1914. He met his partner, Edmund Lynch, while living in a rented room at the YMCA. From these meager beginnings grew a firm with about 900 offices in 40 countries and total client assets of approximately US$1.6 trillion. Before being acquired by BofA, Merrill Lynch had established itself as one of the world's leading wealth management, capital markets and advisory companies, serving private clients, institutions and corporations, and small businesses. As of mid2008, the firm employed nearly 63,100 people worldwide.
IN THE NEWS
January 2010: New CEO announces management team
Brian Moynihan, the new chief executive officer and president of Bank of America, announced the company's most senior management team: Steele Alphin, chief administrative officer; Cathy Bessant, global technology and operations executive; David Darnell, president of global commercial banking; Barbara Desoer, president of home loans and insurance; Anne Finucane, global strategy and marketing officer; Sallie Krawcheck, president of global wealth and investment management; Tom Montag, president of global banking and markets; Ed O'Keefe, general counsel; Bruce Thompson, chief risk officer; and Joe Price, who will become president of consumer, small business and card banking (Price will continue to serve as chief financial officer until February 1st while the bank searches for a new CFO).
Visit Vault at www.vault.com for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.
93
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition Bank of America Merrill Lynch
During Bank of America's annual shareholders meeting, Ken Lewis was removed from his post as BofA chairman when shareholders narrowly passed a proposition (50.34 percent in favor) preventing one person from holding the firm's CEO and chairman position at the same time. (Lewis retained his chief executive title). The board elected Dr. Walter E. Massey, a Bank of America board member since 1998 and president emeritus of Morehouse College, to serve as chairman of the board. Lewis, once celebrated as a top banker, has become a highly controversial figure in the industry. After paying what some industry watchers deemed as too much for Merrill Lynch, BofA endured two governmental rescue packages. New York Attorney General Andrew Cuomo is also currently investigating whether Lewis informed shareholders of the risks of such a transaction. During the shareholder meeting, Lewis defended controversial transactions such as Merrill and Countrywide, saying, "These acquisitions are not mistakes to be regretted. Both are looking more like successes to be celebrated. We are building this company for the long run.
94
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition Bank of America Merrill Lynch
New York State Attorney General Andrew Cuomo subpoenaed Bank of America CEO Kenneth Lewis in a state probe regarding whether BofA held back information from investors prior to its purchase of Merrill Lynch. According to The Wall Street Journal, in addition to looking for facts about whether investors were deliberately deceived, Cuomo is investigating if about US$4 billion in Merrill bonuses should have been revealed to investors.
Visit Vault at www.vault.com for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.
95
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition Bank of America Merrill Lynch
in its fixed income, currencies and commodities trading business. Merrills write-downs have stirred up several federal investigations into the firms practices.
GETTING HIRED
Customized for: vinh (phamvinh@nus.edu.sg)
96
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition Bank of America Merrill Lynch
An internship is a huge advantage for those seeking employment at Bank of America; interns are more likely to move to the head of the hiring line. The firm offers summer internships for analysts (undergrads) and associates (grad students).
Good mix
DiversityInc magazine consistently names Bank of America as one of the Top 50 Companies for Diversity. Black Enterprise consistently ranks BofA one of the 40 Best Companies for Diversity. And Hispanic Business continues to rank the bank as one of the Top 60 companies for Hispanics. In addition, Working Mother magazine has recognized Bank of America as one of the 100 Best Companies for working mothers for more than 20 consecutive years.
Visit Vault at www.vault.com for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.
97
PRESTIGE RANKING
15
BNP PARIBAS SA
KEY COMPETITORS
Crdit Agricole HSBC Holdings Socit Gnrale
Hong Kong Branch: 59-63/F Two International Finance Centre 8 Finance Street Central, Hong Kong Phone: +852-2909-8888 Fax: +852-2865-2523 www.bnpparibas.com
EMPLOYMENT CONTACT
careers.bnpparibas.com graduates.bnpparibas.com
DEPARTMENTS
Asset Management & Services Corporate & Investment Banking International Retail Services
THE STATS
Employer Type: Public Company Ticker Symbol: BNP (Euronext) President, CEO & Director: Baudouin Prot Revenue: 27.34 billion (FYE 12/08) Net Income: 3.02 billion No. of Employees: 169,800 No. of offices: 2,200
98
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition BNP Paribas SA
THE SCOOP
BNP meets Paribas
BNP Paribas was born in 2000 when two French banks, Banque Nationale de Paris (BNP) and Paribas, merged to form the most profitable bank in the Eurozone, as well as one of the largest banks in the world. Today, the company has more than 169,800 employees operating in 85 countries around the world. The bank's presence in Asia is substantial, with operations in numerous countries, including China, Japan, South Korea, Taiwan, Hong Kong, the Philippines, Vietnam, Thailand, Malaysia, Singapore, Indonesia and India. Worldwide, BNP Paribas has five major areas of business: French retail banking, international retail services, asset management and services, operations of BNL (Italy's Banco Nazionale del Lavoro, which BNP Paribas took over in 2006), and corporate and investment banking. In Asia, BNP Paribas' business is divided into two core areas: corporate and investment banking (CIB), and asset management and services. The CIB activities are balanced between advisory and capital markets and specialized financing. Within CIB, the client coverage organization manages the bank's client portfolio along with financial institutions and large corporations. Asset Management handles the asset-gathering arm of the group, including Private Banking and BNP Paribas Investment Partners. In July 2008, BNP Parias CIB unit established a centralized worldwide entity. Two new business lines were created: global structured finance (which now includes the structured finance activities of origination, structuring, execution and syndication for all business sectors) and the corporate and transaction group.
Private riches
Customized for: vinh (phamvinh@nus.edu.sg)
One of BNP Paribas' main Asian businesses is its private banking division, which has operations in Singapore, Hong Kong, China, India and Taiwan. With wealth skyrocketing in these regions, the competition is high to get in on the action. In 2006, the world's percentage of highnet-worth individuals increased 8.3 percent to 9.5 million. That same year, there were 345,000 people in China with investable assets of US$1 million or more. In India and Singapore, the high-net worth population grew by 21.2 and 20.5 percent, respectively, the largest increase of all the nations in the world. The clients that use BNP Paribas' private banking services usually have about US$5 million or more in investable assets. The CEO of BNP's Asian private banking operations, Michel Longhini, recently said that he expects total assets in the private banking sector in Asia to grow by 20 percent each year for the next several years. Currently, the bank has six offices in India and two in Taiwan, employing about 100 people combined. The operations in Singapore and Hong Kong are the two key regional hubs in Asia, with about 550 total employees. As of June 2008, BNP Paribas Private Bank had about US$32 billion in assets under management in Asia.
Visit Vault at www.vault.com for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.
99
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition BNP Paribas SA
IN THE NEWS
April 2009-August 2009: Changes high up
In April, BNP Paribas Capital (Singapore) received a new chief executive in the form of experienced banker Johnson Tan. He was also made head of the banks South East Asian corporate finance unit, which provides banking clients with services for M&A as well as primary equity market transactions. Tan has over 20 years of experience in M&A deals for large corporations and government bodies and was working as the managing director of corporate finance for South East Asia at the Macquarie Group before being hired by the French bank. Another appointment included Chinese banker Margaret Ren, who was made chairwoman and chief executive of BNP Paribas corporate finance division for Greater China in August. A former managing director and chairwoman of China investment banking at Merrill Lynch (Asia Pacific), Ren proved to be a star banker at her former bank and is seen as a pioneer in investment banking in China. She was one of many Merrill Lynch employees at the time to defect to other banks across the globe.
100
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition BNP Paribas SA
Visit Vault at www.vault.com for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.
101
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition BNP Paribas SA
GETTING HIRED
Get your foot in the door
Graduates interested in corporate and investment banking in Asia Pacific get their own campus recruitment page at graduates.bnpparibas.com. (A separate Japanese-language recruitment site for Japan is operated at www.bnpp.jp/recruit/index.html.) The site is organized into four sections: business area, route, role and location. Locations in Asia Pacific include Ho Chi Minh City, Hong Kong, Jakarta, Mumbai, Seoul, Shanghai, Singapore and Sydney. Analyst and associate positions are offered throughout these citiescheck each city's details on the recruitment site for further information. Summer internships are also available in Hong Kong to students from their second year of a bachelor's degree up to PhD or MBA level. BNP Paribas has a number of different career paths, but recruits heavily in corporate and investment banking (corporate banking, corporate finance and capital markets activities), retail banking, asset management and services (including private banking and securities), and support functions. More details on these opportunities are available on the firm's careers page at careers.bnpparibas.com or at graduates.bnpparibas.com. For Asia Pacific, the firm's careers page also has links to local pages and contact information for its human resource departments at offices in Hong Kong, India, Japan and Singapore. Just click "Other countries" under the country list and you'll be directed to the right place to apply. You can also apply for an internship directly by submitting an application to the location of your choice. In Hong Kong and Singapore, BNP Paribas offers opportunities in corporate and investment banking, private banking and asset management. For Hong Kong, you can email your CV and cover letter to careers.hk@asia.bnpparibas.com, and for Singapore, you can send them to sing.careers@asia.bnpparibas.com. India can be reached at questwith.bnpp@asia.bnpparibas.com for corporate and institutional banking, private banking and individual banking opportunities. Japan offers corporate and institutional banking, and can be contacted at hrjpn@japan.bnpparibas.com.
102
PRESTIGE RANKING
16
CITIGROUP INC.
KEY COMPETITORS
Bank of America Merrill Lynch Barclays Deutsche Bank HSBC Holdings J.P. Morgan
50/F Citibank Tower Citibank Plaza, 3 Garden Road Central, Hong Kong www.citigroup.com
PLUSES
Responsibility at young age Strong brand image and reputation Steep learning curve
BUSINESSES
Citicorp Institutional Clients Group Citi Capital Advisors Citi Investment Research & Analysis Global Banking Global Markets Global Transaction Services Regional Consumer Banking Citi-branded Cards Local Commercial Banking Retail Banking Citi Holdings Brokerage and Asset Management Consumer Finance Special Asset Pool
MINUSES
Cut throat" "Dog-eat-dog culture Lot of politics, especially at senior management positions
EMPLOYMENT CONTACT
Graduate Recruitment: oncampus.citi.com Lateral Hiring: careers.citigroup.com
THE STATS
Employer Type: Public Company Ticker Symbol: C (NYSE) CEO, Citi: Vikram S. Pandit Co-CEOs, Asia Pacific: Shirish Apte & Stephen Bird Chairman, Asia Pacific: Shengman Zhang Revenue: US$91.81 billion (FYE 12/09) Net Income: US-$1.6 billion No. of Employees: 276,000 (worldwide) No. of Offices: 7,500 (worldwide)
103
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition Citigroup Inc.
THE SCOOP
A changing Citi
Citigroup Inc. (now commonly referred to as simply Citi) serves over 200 million customer accounts in more than 100 countries and has over 265,000 employees worldwide. Citi had traditionally been revered as the worlds largest financial services group, but the financial crisis has not been kind to this global giant. During the crisis, Citi has seen billions of dollars wiped off its market value, laid off nearly 100,000 employees worldwide since the start of 2008, received US$45 billion in assistance from the U.S. government and sold off some non-core assets in 2009 including its U.S. and Japanese brokerage arms. For many years, Citi operated its businesses through four key areas: markets and banking, global consumer banking and global cards, global wealth management and alternative investments. In October 2007, Citi merged its markets and banking unit with its alternative investments group to create an institutional clients group, with the aim of offering the full range of corporate and investment banking services. Then in January 2009, given the dramatic and profound changes in the markets, Citi restructured its businesses into two primary segments: Citicorp and Citi Holdings. Citicorp is now the core franchise of institutional and consumer businesses, aiming to be the source of Citis long-term profitability and growth, while Citi Holdings' assets are planned to be managed to optimize their value over time.
Raising capital
Citi found itself in the center of the subprime storm in 2007 and early 2008 with heavy losses related to subprime mortgages. In the fourth quarter of 2007, the firm announced its exposure to the mortgage market and write-downs of US$18.1 billion, which led to a net loss of US$9.8 billion for the quarter, the biggest quarterly loss in Citi's history. The firm was also one of many American companies to tap investments from sovereign wealth funds and foreign investors in order to bolster liquidity. Citi's cash came from a variety of different sources. In November 2007, the firm announced it would receive a cash infusion of US$7.5 billion from an Abu Dhabi sovereign wealth fund. In January 2008, the Government of Singapore Investment Corporation (GIC) pumped US$6.88 billion into Citi in exchange for a 4 percent stake. Capital Research Global Investors, Capital World Investors, the Kuwait Investment Authority, Saudi Arabia's Prince Alwaleed bin Talal, and Sanford Weill also contributed capital.
104
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition Citigroup Inc.
Beyond that, Citi continued to raise liquidity as it received US$45 billion in October and November 2008 from the U.S. Treasury's Troubled Asset Relief Program (TARP). The U.S. government became Citi's largest shareholder, taking a 34 percent stake in the bank. At the end of the third quarter of 2009, Citis Tier-1 capital ratio, a key measure of financial strength, was 12.7 percent, among the highest in the industry.
Big layoffs
Citi laid off about 17,000 people in April 2007 in anticipation of subprime-related losses in the second half of the year. In January 2008, Citi announced it was cutting 4,200 jobs from its investment banking division in order to reduce costs. At the time, Citi said that its ultimate total number of layoffs could be close to 20,000 to 24,000, whichdue to the firm's massive sizestill only accounted for less than 10 percent of Citi's workforce. But after four consecutive quarters of losses, Citi announced in November 2008 that it would be cutting an additional 52,000 jobs globally. Further reductions have left Citi with a workforce of around 265,000 employees globally as of December 2009.
Best Foreign Investment Bank in India, Best Foreign Commercial Bank in Indonesia, Best Foreign Commercial Bank in Hong Kong (12 consecutive years), Best Foreign Commercial Bank in Korea, Best Foreign Commercial Bank in the Philippines (11 consecutive years), Best Foreign Commercial Bank in Sri Lanka Best Foreign Commercial Bank in Singapore (13 consecutive years), Best Foreign Commercial Bank in Taiwan (12 consecutive years), Best Foreign Commercial Bank in Thailand (seven consecutive years) (FinanceAsia, 2009) Best Corporate/Institutional Internet Bank: Australia, Bangladesh, India, Japan, Kazakhstan, Korea, New Zealand, Pakistan, the Philippines, Thailand and Vietnam (Global Finance, 2009)
Visit Vault at www.vault.com for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.
105
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition Citigroup Inc.
Best Global Cash Management Bank, Best Bank for Liquidity Management in Asia (seven consecutive years), Best Foreign Treasury and Cash Management Bank in China (Global Finance, 2009) Best Overall Trade Bank in Asia (five consecutive years), Best International Trade Bank in Hong Kong, India, Malaysia, Thailand and Vietnam (Trade Finance, 2009)
IN THE NEWS
October 2009: Jewel in the crown
The Asia Pacific business has been described as the "jewel in the crown" for Citi, and its third quarter 2009 results showed why. Net income for the banking giant in the region stood at US$845 million for the quarter, the largest net profit result for any region in which it operates. "Asia Pacific is a credit-tested durable business," said Asia Pacific co-CEO Stephen Bird. "China lies at the very heart of Citi's Asia Pacific priorities." Citi's business on the Chinese mainland, Taiwan and Hong Kong contributed to about one-third of Citi's overall business in the region.
106
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition Citigroup Inc.
2008. In a June court filing, Citi denied that it had provided misleading or inaccurate information, and stated that Oei was aware of the "considerable risks" of his investments. Oei and Citi eventually settled out of court in October 2009; terms of the settlement were kept confidential. In a Bloomberg interview, Oei remarked, I am quite happy with the outcome and Ive put this 100 percent behind me. How do you say it in English? Water under the bridge. Its all been quite amicable and I have no hard feelings.
In perhaps the most significant move affecting the Asia Pacific region in recent years, Citi Asia Pacific CEO Ajay Banga left in June 2009 to become second-in-command at credit card giant Mastercard (as its president and chief operating officer). Banga, who had been with Citi since 1996, had served in the Asia Pacific CEO position for just over a year, having taken the newly created post in April 2008. Powers for the Asia Pacific CEO position were divided in three in July 2009. Shengman Zhang was named the chairman for Asia Pacific, while Shirish Apte and Stephen Bird were named co-CEOs for the region. Zhang will be primarily responsible for Citi's relationships with clients, regulators, government officials and employees across the region. Meanwhile, Apte will oversee South Asia, while Bird will continue to oversee North Asia, and the two will collaborate on overall performance, strategy and execution in the Asia Pacific region.
Visit Vault at www.vault.com for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.
107
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition Citigroup Inc.
June 2009: Citi removed from Dow Jones blue chip index
Citi and General Motors (GM) were both removed from the blue-chip Dow Jones Industrial Average. Dow Jones editor-in-chief Robert Thomson explained: "We were reluctant to remove Citigroup at the height of the financial frenzy, but it is clear that the bank is in the midst of a substantial restructuring which will see the government with a large and ongoing stake. We genuinely hope that once the bank has refashioned itself that we will again be able to consider it for inclusionCitigroup is a renowned institution, not only in this country, but around the world." GM and Citi were replaced by Cisco Systems and former Citi insurance arm Travelers.
Upon the announcement of its financial results for the year, Citi revealed that it was splitting into two operating units: Citicorp and Citi Holdings Inc. The former would continue to provide traditional retail and investment banking services, while the latter would oversee what remained of the groups high-risk investments (many had already been sold off). Citi itself remained as the parent company, but potential spin offs and mergers from either of the units were not ruled out as possibilities. In fact, the two operating units were divided so that Citicorp remained the core bank, while Citi Holdings encompassed the saleable assets. Along with the restructuring, Citi announced its fifth consecutive quarterly loss, as it booked a loss of US$8.29 billion for the fourth quarter of 2008.
108
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition Citigroup Inc.
November 2008: Nayar heads to KKR, Robinson takes over South Asia
Sanjay Nayar, Citi's head of the South Asia cluster, left his post to join the Indian unit of private equity firm Kohlberg Kravis Roberts & Co. (KKR). Nayar had been at Citi in various roles for 23 years, and called the decision a personal one. In the interim, Nayar was replaced by Mark Robinson, who had been serving as Citi's head of Russian operations. Robinson has been with Citi for 24 years, primarily in emerging markets.
Citi received US$25 billion in October 2008 from the U.S. Treasury's Troubled Asset Relief Program (TARP) in an effort to recapitalize the markets. The following month, in November 2008, Citi received a further US$20 billion, bringing the grand total of bailout money to US$45 billion and effectively making the U.S. government its largest shareholder. With the injection, the U.S. followed in the footsteps of some European countries, which announced similar moves designed to help thaw their credit markets.
Visit Vault at www.vault.com for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.
109
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition Citigroup Inc.
proposal, which would have been structured as a Citi takeover and would have likely led to thousands of job cuts in both companies' investment banking units. Citi may also have decided that it didn't need another securities group, the FT speculated.
GETTING HIRED
The cat that gets the cream
Citi only picks up the crme de la crme from top-tier business schools, according to contacts at the firm, with a mere 1 percent of MBA applicants getting offers. We're also informed that referral is quite important if you want to increase your chances of getting in. Competition is intense, according to one insider, yet the firm looks for fit more than anything else. The interview process tends to be extremely thorough. A source at the firm explains further, saying, Every experience on your resume is probed in depth and interspersed with technical questions. They are difficult to prepare for, because the questions arent standard and the interviews go in the direction that the specific interviewer you have wants to take it.
Friendly perks
Employees in Citis Asian offices say they're given a two-month bonus, plus a performance bonus, in addition to 15 days of annual leave, 20 days of personal leave and 30 days of sick leave. New mothers are also given 60 days of maternity leave. Very good health insurance coverage which now includes dental insurance is also available in some regions, with offers for family members.
110
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition Citigroup Inc.
Other perks offered by Citi include late night work reimbursement for travel and meals, as well as an allowance for gas. However, insiders feel the salary package is a bit uneven compared to the global scale. In countries like India, China and Indonesia, it is lower than the market average, says one source, with another stating bluntly, Our counterparts abroad have higher salaries. The firm notes that it offers competitive packages versus the local scale, particularly in China and India, and that packages are relative to the local cost of living.
Workaholics anonymous
As with most finance giants, expect a lot of hours. However, the firm is said to be flexible with regards to hours and working arrangements. An insider explains that HR provides employees with the tools necessary to work from home where possible and with a "corporate culture that encourages people to leave as soon as their work is done." One source even states that the long hours boil down more to employee desire than enforcement by the bank, saying, Our competitiveness usually drives us to work longer hours, but this is largely voluntary.
Here to help
Managers at Citi are described as supportive and understanding, and everybody is treated equally, insiders tell us. In fact, while firmly committed to getting the job done, managers also proactively pay attention to employee development. Reports another contact: They also encourage you to make your own decisions and participate when they are required. A colleague appreciates the support, saying, This really helps you sail up the curve and learn faster, getting better and more varied exposure, agrees a colleague. A manager tells us, The organization is essentially flat. People are generally empowered. I treat people of ranks lower than mine like I would those above myself with respect and utter professionalism.
Women welcomed
Women are treated with the utmost respect throughout the organization, reports a source, with another in Manila saying, Women are as much empowered as men at work. Filipino culture generally entails being tolerant and accepting of diversity, so I dont think there is any problem in this respect. That said, insiders say women still form under 15 percent of the workforcemostly in junior levels in the Indian offices. The company is pro-women, and has recruited a fair share of women in the past. However, there is an absence of women at top management posts, confirms a Delhi-based insider.
Regaining momentum
Despite the global crisis and the massive restructuring efforts, staffers are positive about the overall future of Citi. The business outlook remains positive because the bank has a strong foundation and great product offerings, maintains a respondent. A colleague agrees, beaming that the business outlook is really good, as the firm is one of the first in the industry to launch new products and provide value added services to the customer. However, as with most banks during the economic downturn, not everything's rosy. Employee morale may be low at the moment due to Citi suffering from the current global financial crisis, despite the strength of the Asian business. Another source says, Weve lost momentum on being the first on foreign bank business; clients have started to move to local banks. However, most people feel positive about Citi's future in Asia. One respondent sums up the feelings of many: Overall, management is building confidence and strengthening relationships with clients, and I believe we will gain momentum back in a short while.
Visit Vault at www.vault.com for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.
111
PRESTIGE RANKING
17
SOCIT GNRALE SA
KEY COMPETITORS
BNP Paribas Crdit Agricole Deutsche Bank
Level 38, Three Pacific Place 1 Queens Road East Wan Chai, Hong Kong Phone: +852-2166-5600 www.socgen.com
EMPLOYMENT CONTACT
See careers at www.socgen.com
DIVISIONS
Corporate & Investment Banking Global Investment Management & Services Retail Banking & Financial Services
THE STATS
Employer Type: Public Company Ticker Symbol: SCGLY (OTC) Chairman: Daniel Bouton CEO: Frdric Ouda Revenue: 21.866 billion (FYE 12/08) Net Profit: 2 million No. of Employees: 151,000 No. of Offices: Locations in 82 countries
112
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition Socit Gnrale SA
THE SCOOP
Big name in France
Socit Gnrale is one of the largest banks in the world, with over 60 subsidiaries operating in 82 countries. The massive company is organized into three main branches: retail banking and financial services, global investment management and services, and corporate and investment banking. Each of these divisions has major operations in Central and Eastern Europe, the Mediterranean Basin and Africa. In recent years, the company has significantly expanded its investment banking operations and asset management companies into the Asia Pacific region. Socit Gnrale is not just one of the biggest banks in France and Europe, it's also one of the oldest. The bank was officially created under Napoleon III back in May 1864 and has since survived through two World Wars. From 1965 to 1990, Socit Gnrale rode the boom of modern banking and became a world leader in the banking arena. Today, the bank is ranked No. 49 on the Fortune Global 500.
A bank decreed
French banking giant Socit Gnrale was formed by a decree signed by Frances then-emperor Napoleon III on 4 May 1864, founding the firm in order to foster the development of trade and industry in France. During the past two centuries, thats what Socit Gnrale has done. Socit Gnrale fast evolved into a leading European financial services company and a major player in the global market. The firm began its international expansion in 1871 with the opening of a London branch. By 1913, the booming banking powerhouse had established 1,400 branches and established itself as a network bank. The company remained private until 1945, when the banks capital stock passed into the hands of the French government. Then in 1970, Socit Gnrale stepped up its international development, concentrating on Asia and Eastern Europe. Ten years later, in 1980, the bank had branches in 54 countries. As of March 2009, GIMS (Global Investment Management & Services) had 332 billion in assets under management.
IN THE NEWS
Customized for: vinh (phamvinh@nus.edu.sg)
Visit Vault at www.vault.com for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.
113
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition Socit Gnrale SA
114
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition Socit Gnrale SA
GETTING HIRED
Joining Socit Gnrale
SG CIB maintains a helpful careers web site that provides information about opportunities in different divisions and functions, including capital and financing, fixed income, equities and equity derivatives, banking operations, and information technology. The site also allows jobseekers to search jobs by location, with the following locations in Asia Pacific available: Australia, China, Hong Kong, India, Japan, Kazakhstan, Singapore, South Korea and Taiwan. The bank runs a rotational program called the Graduate International Programme for European graduates. The program features an initial twoweek training stint in INSEAD. One item of note with respect to the program is that SG CIB notes that it has a specific interest in finding graduates who are fluent in both Japanese and English.
Visit Vault at www.vault.com for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.
115
PRESTIGE RANKING
18
ROTHSCHILD
KEY COMPETITORS
Goldman Sachs Macquarie UBS
16th Floor, Alexandra House 16-20 Chater Road Central, Hong Kong Phone: +852-2525-5333 Fax: +852-2810-6997 www.rothschild.com
DEPARTMENTS
Investment Banking Private Banking & Trust Venture Capital
THE STATS
Employer Type: Private Company Chairman: Baron David de Rothschild Revenue: 1.58 billion (FYE 12/08) Net Income: 407 million No. of Employees: 2,800 No. of Offices: 51
116
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition Rothschild
THE SCOOP
The Rothschild empire
The Rothschild family's prominence and affluence are so famous in Europe that the word "Rothschild" in French is actually used as a synonym for great wealth. During World War II, the Nazis incorporated elements from a 1934 Hollywood film about the family called The House of Rothschild as propaganda to show the purported egregious wealth of the Jewish people. Meanwhile, in the Hebrew language version of the song "If I were a Rich Man" from the musical Fiddler on the Roof, the title of the song is literally translated as, "If I Were a Rothschild." If you still arent impressed, then consider the fact that the Rothschild family owns a number of vineyards and makes its own wine. However, the Rothschild family is not only known for its opulence, but also for its philanthropy and community work. So it makes perfect sense in today's global economy that N.M. Rothschild & Sons, an investment bank founded by Nathan Mayer Rothschild in 1811, is now spreading the family's renown throughout every corner of the world. The bank has offices over 50 offices worldwide, with operations in North America, Africa, the Middle East, Europe and South America. In the Asia Pacific region, the bank has offices in Beijing, Hong Kong, Jakarta, Kuala Lumpur, Melbourne, Mumbai, New Zealand, Seoul, Shanghai, Singapore, Sydney and Tokyo. The London office of N.M. Rothschild & Sons is situated on the same corner it was back in 1811, but the institution has also changed drastically through the years. A French branch called de Rothschild Freres was founded by James Mayer Rothschild in the early 19th century and was later nationalized by a socialist French government in 1982. In that year, Baron David de Rothschild, the current chairman of N.M. Rothschild & Sons, rebuilt a new bank from scratch with only three employees. In 2003, the British arm and the French arm of the Rothschild's bank came together under the leadership of a new holding company called Concordia B.V. Concordia owns a controlling interest in Rothschild Continuation Holdings, the parent company of N.M. Rothschild.
M&A mavericks
N.M. Rothschild's is known for its global prowess in M&A deals, garnering top spots in the global rankings in terms of numbers of deals. In 2009, the company ranked No. 11 for all global announced deals (by deal volume), according to Thomson Reuters. Rothschild worked on 219 deals worth a total of US$200.7 billion. In U.S. announced M&A deals, the firm ranked No. 10, and in Europe announced M&A transactions, it ranked No. 9. Rothschild didnt crack the top 25 in Asia (excluding Japan) announced mergers and acquisitions, but it ranked No. 12 in completed deals. A year earlier, in 2008, Rothschilds operations in China launched the company into the No. 12 position in both announced and completed M&A eals. For announced deals, Rothschild boasted a whopping 2,190 percent increase from 2007, with total value of the announced deals at US$7.78 billion. Its completed deals also skyrocketed in value to US$7.92 billion, up 480 percent from the previous year. In fact, some of the bank's biggest deals in the M&A arena in the past few years have been in China. The bank advised Spains Banco Bilbao Vizcaya Argentaria (BBVA) on its US$1.3 billion investment in China's CITIC International Holding Company in 2008 as well as South Korean telecommunications giant SK Telecom's US$1 billion strategic alignment with China Unicom. Though Rothschild is primarily known for its M&A prowess, its investment banking branch also handles debt advisory and restructuring, equity capital markets, private placements and privatization services. In the equity capital markets category, one of the company's top recent deals was advising online business-to-business trade company Alibaba in its US$1.5 billion IPO on the Hong Kong Stock Exchange in 2007. The firm has also racked up major profits in India with its debt advisory business, working on deals such as the GBP 6.2 billion offer Tata Steel made for Corus Group in 2007. The company also worked out a hedging strategy with Cairn India related to its US$1.9 billion IPO in early 2007.
Visit Vault at www.vault.com for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.
117
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition Rothschild
IN THE NEWS
July 2009: Just friends
Nomura Holdings, Japans largest brokerage, announced in December 2008 that it had cancelled its almost four-year-long relationship with Rothschild. Nomuras change of heart came as the company purchased a segment of Lehman Brothers operations. Rothschild and Nomura had provided joint advice on numerous deals, including NTT DoCoMo Incs acquisition of a stake in Malaysian mobile company TM Internationals Bangladesh unit. We have achieved our objective through the tie-up, explained Nomura spokesman Tohru Namikara. We will maintain a friendly relationship with Rothschild. Rothschild left the alliance unperturbed and has since sought out further ventures within Japan. In July 2009, Keiichi Mitake, the head of Rothchilds local advisory partner Global Advisory Japan, reported that Rothschild was reviewing around 60 possible cross-border mergers and acquisitions in Japan. The Tokyo-based Global Advisory Japan formed an alliance with Rothschild in March 2009 and aims to push the companys presence in Japan further into the limelight. According to a Bloomberg report, Rothschild is currently seeking advisory mandates in the financial, energy, technology, consumer and pharmaceutical industries between Japanese and European or Asian companies.
Rothschild picked up another key assignment in April when it was retained by Belgian chemical and pharmaceutical conglomerate Solvay to co-run the auction of its lucrative pharmaceutical business. The two-stage auction, which is also being run by Citigroup and Morgan Stanley, is expected to bring in 5 billion ($6.62 billion).
118
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition Rothschild
GETTING HIRED
If you were a Rothschild
The careers area on Rothschild's web site at www.rothschild.com/careers provides a section devoted to Asian graduates under the Graduate Programmes subsection. The company looks to recruit for the long term and, under its non-hierarchal business environment, expects new recruits to face challenging demands head on from the get-go. Rothschild provides a graduate training program that runs over the summer, and provides in depth knowledge and know-how of the companys internal workings as well as a taste of senior management. The training course sends graduates from all over the world to its offices in London, allowing students to develop their and their international networks. The Asian recruitment process typically opens on September 1st and closes in early November. Divided into three parts, the process requires candidates to first send in an online application form (found on the company careers page). Those accepted will undergo first-round panel interviews, which will carry on into December once all the applications have been reviewed. The first-round interview includes verbal and numerical tests. The second round of interviews further determines candidates competencies and asseses their fit in the firm. The second round of interviews includes panel interviews, an accuracy test and a case study for applicants to tackle. The hiring process for the Asiang graduate program is administered through Rothschild's regional headquarters in Hong Kong, but graduates can be placed throughout its regional offices, including in Hong Kong, Beijing, Shanghai, Singapore, Mumbai, Jakarta and Kuala Lumpur.
Visit Vault at www.vault.com for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.
119
PRESTIGE RANKING
19
ING Wholesale Banking 9 Raffles Place #19-02 Republic Plaza 48619, Singapore Phone: +65-6535-3688 Fax: +65-6535-8329 ING Asia Pacific Limited 39/F, One International Finance Centre 1 Harbour View Street Central, Hong Kong Phone: +852-3762-8200 Fax: +852-2522-4162 www.ing.asia
EMPLOYMENT CONTACT
www.ing.jobs
THE STATS
Employer Type: Public Company Ticker Symbol: ING (NYSE) CEO, ING Insurance Asia Pacific: Jacques Kemp CEO, ING Investment Management Asia Pacific: Chris Ryan Revenue: 66.29 billion (FYE 12/08) Net Income: -766 million No. of Employees: 108,933 No. of Employees in Asia: 15,000
120
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition ING Groep N.V.
THE SCOOP
Six lines extend throughout the world
Amsterdam-based ING Group is one of the 20 largest financial institutions in the world, serving more than 75 million customers throughout Europe, the U.S., Canada, Latin America, Asia and Australia. Through ING Direct, the firm offers savings accounts, mortgages, mutual funds and payment accounts, to customers in Australia, Canada, France, Germany, Austria, Italy, Spain, the U.K. and the U.S. In May 2007, ING Direct announced that it would launch in the Japanese market as well. The firm also provides life insurance in Central Europe, Asia and South America. In an attempt to simplify its many services offered throughout the world, ING reorganized its business structure in 2004 into six lines: insurance Americas, insurance Europe, insurance Asia Pacific, wholesale banking, retail banking and ING Direct. In 2008, the company ranked No. 9 on the Forbes Global 2000 list. For Asia Pacific, ING's insurance and asset management operations are headquartered in Hong Kong. Its investment banking operations (operating as ING Wholesale Banking) are headquartered in Singapore, where the firm has had operations since 1987 and currently maintains about 300 employees. Throughout the region, ING Wholesale Banking has about 800 employees, with offices in China, Hong Kong, India, Indonesia, Japan, Malaysia, the Philippines, Singapore, South Korea, Taiwan and Thailand. In India, ING runs both its retail banking and corporate banking businesses under the ING Vysya Bank brand name. Vysya Bank was one of the top private sector banks in India, having been established in 1930 in Bangalore. ING made a major investment in the bank and took over management of the combined entity in 2002. Overall, about 15,000 employees work for ING in the Asia Pacific region. The company's Asia Pacific insurance group runs life insurance operations as well as asset and wealth management activities in Australia, New Zealand, Hong Kong, Japan, South Korea, Malaysia and Taiwan. In addition to being well established in these locations, ING is eyeing growth in India, China and Thailand. ING holds a 16 percent stake in Bank of Beijing in China and a 44 percent stake in ING Vysya Bank in India.
Primary color
ING Group will have you seeing orange. The Amsterdam-based financial institution has orange splashed all over its marketing campaign, possibly in recognition of the company's Dutch roots (the Dutch royal family is called the House of Orange after the official color of King William III, who defended the Netherlands in the late 1600s). The firm traces its roots back to the founding of Dutch bank De Nederlanden van 1845. Nationale Levensverzekering-Bank was founded in 1863; those two companies came together 100 years later to form Nationale-Nederlanden, which became the largest insurer in the Netherlands. NMB Postbank Groep came about in 1986 after the merger of Rijkspostspaarbank (founded in 1881) and Postcheque en Girodienst (founded in 1918). Nationale-Nederlanden and NMB Postbank Group merged in 1991, forming Dutch mouthful Internationale Nederlanden Group; the tongue-tied began calling the new company ING Group, a name that has stuck. ING has grown into an asset management, banking and insurance giant thanks in part to a number of major acquisitions after the 1991 merger.
Visit Vault at www.vault.com for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.
121
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition ING Groep N.V.
Ethical standards
ING has identified three areas to work on in order to control the environmental effects of its operations: energy consumption, business travel and paper consumption. The company is also a signatory to the Equator Principles, which apply certain policies and standards set by the World Bank and the International Finance Corporation to project finance transactions, thus making sure environmental and social risks are properly assessed and managed. In addition, ING refuses to finance controversial weapons or companies directly involved with their manufacture or trading. And in asset management, the bank will not invest in companies involved in the manufacturing of such weapons. To give a bit back in the regions where it does business, including Asia, the company entered into a partnership with UNICEF in 2005. The partnership, called Chances for Children, provides tens of thousands of children in countries such as Brazil, Ethiopia and India with access to primary education.
IN THE NEWS
June 2009: Cut and run
More gloomy news was posted during the summer of 2009 as the Dutch group revealed that it was to leave 10 of the 48 countries that it was currently operating in. This was in addition to selling 10 to 15 businesses over the next three to five years, according to chief executive Jan Hommen. Speaking at the Goldman Sachs Financials Conference in Frankfurt, Hommen added that the firm was planning to raise US$8 billion to US$11 billion through the sale of some of its assets. At the time, it was clear that these assets included the firms Asian private banking business, and that interested parties included both Australian bank ANZ and Indias Religare Enterprises.
122
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition ING Groep N.V.
GETTING HIRED
Pick a region, any region
Graduates and experienced professionals alike can get a feel for working at ING through the firm's career site at www.ing.jobs. The site has a careers section with job listings from all around the world. Prospective applicants will be directed to the proper country site, some of which require registration to get access to all opportunities. In the Asia Pacific region, ING welcomes both starters and experienced professionals looking for career opportunities in a "dynamic, international work environment." Requirements and openings vary depending on the office and position. Most sites for the Asia Pacific region are in English, and candidates can select from local sites for China, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan and Thailand. ING offers internships and three-year traineeships in many of the company's offices. Internships are available in business areas such as asset management, banking, insurance, IT, marketing, human resources and operations. The three-year ING Talent Programme is open to holders of a Master's degree and focuses on different ING business areas, including finance, investment management, process management, risk and wholesale banking. Traineeships are based in the Netherlands and can be applied for online through the firm's career web site. Applicants must speak English in order to be considered.
Visit Vault at www.vault.com for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.
123
PRESTIGE RANKING
20
6 Shenton Way DBS Building Tower One Singapore, 068809 Phone: +65-6878-8888 Fax: +65-6445-1267 www.dbs.com
EMPLOYMENT CONTACT
www.dbs.com/careers
DEPARTMENTS
Asset Management Corporate Banking Enterprise Banking Personal Banking Private Banking Securities Treasury & Markets
THE STATS
Employer Type: Public Company Ticker Symbol: D05 (SES) Chairman: Koh Boon Hwee Net Earnings (DBS Group Holdings): SG$2.06 billion (FYE 12/08) No. of Employees: 14,000+ No. of Offices: 200+ branches
124
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition DBS Bank Ltd.
THE SCOOP
Development banking
DBS is a titan in the Asian financial world: DBS Group Holdings, Ltd. is the largest commercial banking group in Southeast Asia, with a significant presence in a number of worldwide markets including mainland China, Hong Kong, India, Indonesia, Japan, Malaysia, Myanmar, the Philippines, South Korea, Taiwan, Thailand, Vietnam (where DBS opened a representative office in July 2008), the U.K., the U.S. and the Middle East. As of September 2009, the firm had SG$259 billion in total assets. DBS Bank is the main operating subsidiary of DBS Group. The bank has consumer banking operations in Singapore, Hong Kong, China, India and Indonesia. In Singapore, the bank serves more than four million customers with about 80 branches, and in Hong Kong, the bank serves one million customers with about 50 branches. Mainland China is relatively new territory for the bank, as subsidiary DBS Bank China opened in May 2007 with headquarters in Shanghai and plans to expand into an integrated branch network (consumer, corporate and enterprise banking, and investment banking services) across the vast country. In Indonesia, where DBS operates about 40 branches, the bank is one of the largest trade finance entities in the country and is in the top five among foreign banks in wealth management. With the acquisition of Singapore's Post Office Savings Bank in 1998 (now known simply as POSB), DBS has a network of approximately 80 braches and 930 ATMs in Singapore.
Singaporean Sharia
Islamic banking is a burgeoning business in the Asia Pacific region. In May 2007, to build stronger banking ties between the Middle East and East Asia, DBS launched a new subsidiary: The Islamic Bank of Asia (IB Asia), based in Singapore. The Sharia-compliant bank was established in partnership with 34 investors from prominent families and industrial groups based in Gulf Cooperation Council (GCC) countries. Celebrating its first anniversary to the tune of SG$689 million across 20 deals, IB Asia set up its first representative office in Bahrain in May 2008. IB Asia focuses on corporate finance, capital markets and private wealth management.
Visit Vault at www.vault.com for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.
125
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition DBS Bank Ltd.
disasters, nearly SG$3.7 million was given through self-service banking channels in Singapore, with two-thirds of that amount coming from internet banking donations. This donation system is slated to continue on an ongoing basis for future disasters in the region.
Best Transaction Bank in Singapore, Best Cash Management Bank in Singapore, Rising Star Cash Management Bank in India, Rising Star Cash Management Bank in Indonesia, Best Trade Finance Bank in Singapore; Best Trade Finance Bank in Indonesia, Best Domestic Custodian in Singapore, Best Domestic Investment House in Singapore, Best Domestic Bond House in Singapore (The Asset, 2009) Best Local Bank Private Banking in SG; No. 4 in SG amongst the global banks; No. 8 in Asia amongst the global banks (Euromoney Private Banking Survey, 2009) Sales Turnover Excellence Award (Finance); Net Profit Excellence Award (Finance) (DP Information Group, 22nd Annual Singapore 1000 & SME 500 Awards, 2009)
126
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition DBS Bank Ltd.
Best Foreign Exchange Provider in Singapore; Best Foreign Exchange Provider in Southeast Asia (Global Finance, World's Best Foreign Exchange Providers, 2009)
IN THE NEWS
November 2009: DBS Hiring 300
DBS announced plans to hire 300 relationship bankers in its priority banking unit, adding to the already 1,500 bankers in the division. The move was the first major hiring spree since DBS instilled a hiring freeze and cut hundreds of bankers, back in 2008.
GETTING HIRED
Join the MAP
You can find the DBS careers page at www.dbs.com/careers, which outlines the benefits of working for the firm. A list of current job openings with the firm can be found at www.dbs.com/careers/jobs.html. To apply for any opportunities, you will need to set up an account on the site.
Visit Vault at www.vault.com for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.
127
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition DBS Bank Ltd.
Numerous opportunities are available for undergraduates and graduates. If you're still in school, check out the DBS internship program at www.dbs.com/careers/internships. Located in both Singapore and Hong Kong, the program lasts for eight weeks and "outstanding undergraduates studying in Year 2 or Year 3 from all disciplines" are encouraged to apply online. DBS also operates its Management Associate Programme (MAP) for university graduates. Working with the firm to choose from a number of career tracks, the MAP lasts for 18 months. The program is open to all disciplines and DBS stresses that "it is not necessary to have a business or finance degree to join." Fresh graduates and candidates with less than two years' work experience are invited to apply. According to the firm, approximately 30 to 50 graduates were recruited for the 2008 program. Information on MAP can be found at www.dbs.com/careers/graduates.
128
PRESTIGE RANKING
21
18/F, One Pacific Place 88 Queensway Admiralty, Hong Kong Phone: +852-2600-8888 Fax: +852-2868-0189 www.clsa.com
DEPARTMENTS
Agency Broking Debt Capital Markets and Structured Finance Debt Restructuring and Advisory Equity Derivatives Futures and Options M&A/Financial Advisory Mezzanine Debt Funds Private Equity Funds Property Funds Research
THE STATS
Employer Type: Independent sub-group of Crdit Agricole Chairman and CEO: Jonathan Slone No. of Employees: 1,350+ No. of Offices: 19
129
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition CLSA Asia-Pacific Markets
THE SCOOP
A Canadian in Hong Kong
CLSA Asia-Pacific Markets is the Asian brokerage, investment banking and private equity arm of French banking giant Crdit Agricole. The company was the brainchild of Canadian-born and Hong Kong-based business journalist Gary Coull, who spun the firm off from a Hong Kong brokerage firm called Winfull Laing and Cruickshank. When massive French bank Crdit Lyonnais (which was acquired by Crdit Agricole in 2003) bought out the firm, Coull took charge and set up the groundwork for an international brokerage operating out of Hong Kong. With Crdit Agricole's 65 percent ownership, Coull worked hard during his tenure as chairman to attract the attention of even more international investors to the Asian market. Part of his plan to do so included hosting annual investor forums, which featured splashy parties and appearances by international celebrities such as Elton John, James Brown and Macy Gray. Coull died in October 2006 of colon cancer, only one month after he was named one of the 50 most influential people in Asian financial history by FinanceAsia. CLSA was established as an equity brokerage, but as Asian markets have grown over the past several years, the company has delved more into the booming business of capital raising through IPOs. Today, it is a leading force in the equity capital markets in Asia. CLSA has a strong track record in the issuance of equity products for Asian corporates, and the firm has ranked in the top 10 on various Asia Pacific equity underwriter league tables, including Bloombergs and Thomson Reuters. From January 2002 to December 2008, CLSA has been involved in 240 successful equity transactions in Asia, 115 of which involved companies in Greater China, helping raise US$57 billion for corporates. In that same period, CLSA completed 76 M&A and advisory transactions in nine markets. In 2003, CLSA Asia-Pacific launched a separate business in Japan under the name Calyon Securities. The firm offers equity research and sales in the Japanese market. In 2003, CLSA also established the first Sino-foreign joint venture investment bank in China, following the country's membership in the World Trade Organization. The joint venture is called China Euro Securities, Ltd. (CESL) and is headquartered in Shanghai, employing 80 investment professionals. CESL was originally a collaboration between CLSA Asia-Pacific Markets and Xiangcai Securities. However, in April 2007, Fortune Securities Company Limited officially took over Xiangcai's 67 percent stake in the company. CESL has been successful in extending CLSA's investment banking business to China. Since it was incorporated, CESL has completed 17 lead underwriting and sponsoring deals and has been recognized as the "Most Innovative Investment Bank Team in China" by the Securities Times in 2006, a Chinese newspaper overseen by the China Securities Regulatory Commission. One of CESL's biggest deals was the secondary offering of Zhenhua Port Machinery in December 2004, which was 88 times oversubscribed. Through its own business license and affiliates, CESL's investment banking services include equity financing, debt financing, private placement, enterprise restructuring and ownership reform, M&A, shareholding structure reform, enterprise strategy and financial planning. In June 2008, CESL was granted a broking license and equity research license, making it the first Sino-foreign joint venture securities company to be permitted to broke A-shares and offer full-service research.
A variety of vehicles
In March 2006, CLSA reorganized its private equity business into a separate group called CLSA Capital Partners, which currently manages eight funds for the company: Alcor Capital, Aria Investment Partners, MezzAsia Capital, Fudo Capital, CLSA Sunrise Capital, Clean Resources Asia, Clean Water Asia and Pacific Transport. These eight funds represent a diverse range of investment vehicles. Alcor Capital is an absolute return hedge fund focused on long- and shortterm equity opportunities. Aria Investment Partners focuses on growth and expansion capital for Asian mid-market companies, while CLSA Sunrise Capital focuses on growth opportunities in Japan. The company's two absolute return environmental fundsClean Resources Asia and Clean Water Asiagive investors the chance to place bets on the burgeoning renewable energy and water infrastructure businesses. Fudo Capital is a real estate private equity fund and MezzAsia Capital is a mezzanine capital fund which covers mid-cap companies from Hong Kong to India.
130
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition CLSA Asia-Pacific Markets
Best Overall Research for Asia, excluding Australia & Japan (Asiamoney, 20082009) Christopher Wood, Best Strategist in Asia, excluding Japan (Asiamoney, 2008) Best Overall Sales for Asia, excluding Japan (Asiamoney, 2008) Best Overall Sales Services, excluding Japan (Asiamoney, 2008) Best Overall Sales Services in Hong Kong, India, Indonesia and Thailand (Asiamoney, 2008) Best Regional Salesperson, Evelyn Moore (Asiamoney, 2008) Christopher Wood & Team, Best Equity Strategy (Institutional Investor, 20082009)
IN THE NEWS
November 2009: No. 1 again
CLSA was again ranked as the top research and sales brokerage in Asia in Asiamoneys annual Brokers Poll. The firm ranked No. 1 in the top four categories: Overall Combined Research and Sales (excluding Australia & Japan), Overall Research (excluding Australia & Japan), Overall Sales (excluding Australia & Japan) and Overall Sales Services (excluding Japan).
Visit Vault at www.vault.com for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.
131
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition CLSA Asia-Pacific Markets
The March 2009 cuts werent the first time the global economic crisis forced CLSA to make difficult choices. In November 2008, Reuters reported that CLSA asked 500 senior employees to consider pay cuts. The employees in question had the option of taking a 15 percent, 20 percent, or 25 percent pay reduction. Those who chose to take a greater salary reduction had motivation to do so beyond merely helping the company through a tight spot. According to the option they chose, employees were promised bonuses of 8 percent, 17 percent, and 25 percent, respectively, in addition to their normal pay the following year. Of course, these bonuses were dependent on monthly cost targets being met. CLSA ran a similar scheme back in 2003 that was noted for its success.
GETTING HIRED
I'd like to thank the Academy
CLSA boasts 1,350 employees with 15 offices in Asia, as well as additional offices in Dubai, London and New York. Experienced hires can submit a personal profile as well as a division and location preference through a separate recruitment page on the firms career web site, available at www.clsa.com/about-clsa/careers.php. For young executives, the firm operates CLSA Academy. CLSA Academy is described by the firm not as a graduate trainee program, but as "an executive-level induction into the world of finance for typically non-financial professionals." Candidates from a variety of backgrounds are encouraged to apply. Competition is fierce, with less than 15 places offered each year to a pool of more than 2,000 applicants. The program starts with three months of training at CLSA's head offices in Hong Kong, followed by four-month rotational programs at global offices through the firm's key businessesresearch, sales, sales trading, investment banking and private equity. According to CLSA's web site, "after 18 to 24 months of rotations, you will move into a role mutually agreed by yourself and the CLSA management team." Academy associates are paid a basic monthly salary, with visas, flight costs, accommodation, travel insurance and medical insurance handled by the firm. Just be prepared to be flexible and travel at the drop of a hat, as the program is "for those with an adventurous spirit." To apply for the CLSA Academy, the first step is to fill out an online questionnaire, which is only available on CLSA's web site during open application dates, which will open late in the year. If you would like more information on the program, including testimonials from current and former participants as well as a FAQ, take a look at www.clsa.com/academy. For updates or any questions, contact academy@clsa.com with your email address.
132
PRESTIGE RANKING
22
36 St. Andrews Square Edinburgh, EH2 2YB United Kingdom Phone: +44 (0) 131 556 8555 Fax: +44 (0) 131 557 6140 www.rbs.com
DEPARTMENTS
Global Markets Group Functions Group Manufacturing RBS Insurance Regional Markets
THE STATS
Employer Type: Public Company Ticker Symbol: RBS (NYSE, LSE) Chairman: Philip Hampton Group CEO: Stephen Hester Revenue: 26.9 billion (FYE 12/08) Net Income: -24.1 billion No. of Employees: 170,000 No. of Offices & Global Branches: 2,720
133
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition The Royal Bank of Scotland PLC
THE SCOOP
The Royal family grows a little larger
The Royal Bank of Scotland Group (RBS) operates in more than 50 countries, providing approximately 40 million customers with retail and corporate banking, financial markets, consumer finance, insurance and wealth management services. The company boasts more than 100,000 employees in the U.K., 26,000 in the Americas and 170,000 worldwide. But not long ago, it had a lot fewer insiders. From 1998 to 2008, the firm expanded rapidly, growing its international staff from just 30,000. During that time, it also grew its annual income, which swelled from GBP 3 billion to more than GBP 30 billionthanks in part to the 29 acquisitions it made during the decade. Today, RBS is also one of the top five banks in Asia for corporate and institutional customers. In October 2007, after a long bidding war with Barclays, a consortium of banks led by the Royal Bank of Scotland was successful in acquiring Dutch banking giant ABN AMRO for a price tag of EUR 71.9 billion. The buyout was the largest financial services takeover ever and many at the time reported that the price was far more than ABN AMROs actual worth. RBS' partners in the ABN AMRO buyout were Banco Santander and Fortis. These two banks have assumed much of ABN AMRO's European and international business, but RBS gained control of its Asian operations, extending the company's already significant presence there.
Strategic alliance
RBS joined a consortium of investors including the Li Ka Shing Foundation and Merrill Lynch in 2006, buying a 10 percent share in one of China's largest banks: the Bank of China. The group shelled out about US$3.1 billion for a stake in China's second-biggest lender, with RBS investing US$1.6 billion dollars. RBS's goal is to build on Bank of China's distribution strength and expand its credit card, wealth management, corporate banking and personal insurance business lines in China. The two banks are cooperating in the key areas of corporate governance, risk management, financial management, human resources and information technology. Bank of China went public on the Hong Kong and Shanghai exchanges in June 2006, diluting RBS' stake from 10 percent to 4.26 percent. The Chinese government holds a 67 percent stake.
134
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition The Royal Bank of Scotland PLC
IN THE NEWS
August 2009: Selling up
In April 2009, the bank shortlisted three bidders for its Asian retail and commercial banking assets in the hope of raising up to US$1.8 billion. ANZ, HSBC Holdings and Standard Chartered were all rumored to be interested in bulking up their assets across the region and were in talks with the bank. But by June 2009 it was clear that RBS would have to break up its Asian business rather than selling it as a wholewhich was its preferred optiondue to a string of regulatory hurdles. After months of negotiations ANZ finally agreed to buy some of the British banks units in Asia for around US$550 million in August 2009. The agreement includes RBS retail, wealth and commercial businesses in Singapore, Taiwan, Indonesia and Hong Kong in addition to institutional businesses in Taiwan, Philippines and Vietnam. Standard Chartered was still said to be eyeing up RBS interests in China, India and Malaysia, but by August 2009 the banks still hadnt completed a sale.
RBS revealed that it was looking to cut up to 9,000 jobs worldwide as it sought to reduce costs and repay government funds. The majority of the cuts affected the banks Group Manufacturing unit, and were part of a process of saving $3.7 billion over the next three years. The unit combines back office functions like the handling of computer systems, managing the properties of branches and offices, procurement, security and fraud and human resources.
Visit Vault at www.vault.com for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.
135
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition The Royal Bank of Scotland PLC
spending spree that included a disastrous purchase of ABN AMRO back in 2007 and exposure to the US subprime market, collapse of US investment bank Lehman Brothers and the failure of Icelandic banks. In Asia, the banks retail and commercial banking sector was hit by the slowdown in the regional economies. While income rose by 12 percent to 781 million, an operating loss of 113 million was incurred after manufacturing costs were factored in, compared with a loss of 20 million in 2007. RBS Coutts, the firms wealth management division continued to post good growth, however, at 19 percent with strong levels of client acquisition, which were up five percent in the year. In an overhaul of its structure, the bank revealed that it will be cutting more than 2.5 billion from its cost base, leaving the firm centered on Britain, with smaller and more focused global operations. The bank said this would mean leaving some countries entirely while reducing its footprint in others.
GETTING HIRED
The Royal salute
Dedicating a whole domain name solely to graduate recruitment, RBS offers www.makeitrbs.com to save you the hassle of hunting around on a labyrinth-like web site. The firm runs a total of 30 different graduate programs, ranging from global markets (including all areas of investment banking), finance, risk and retail, to group technology and technology integration. International placements, professional development and rotational opportunities are also on offer. RBS maintains a helpful careers web site (www.rbs.com/careers) that allows jobseekers to learn about opportunities in Asia Pacific; graduates interested in global markets opportunities should check out www.rbsmarkets/gmgraduates. Information on Asia Pacific is sorted by location: Hong Kong, Japan, Singapore, Australia and India. Opportunities are available in global markets in Hong Kong and Japan, and in operations and finance for global markets in Singapore. In India, the bank recruits for its India Development Centre (IDC), a technology group with about 600 employees. Students and jobseekers can apply directly via email through the web site. If you're a penultimate-year student with your heart set on banking, you can look into RBS' 10-week summer internships, available in global markets, finance, human resources, internal audit and risk.
Customized for: vinh (phamvinh@nus.edu.sg)
136
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition The Royal Bank of Scotland PLC
Visit Vault at www.vault.com for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.
137
PRESTIGE RANKING
23
7-1, Marunouchi 2-chome Chiyoda-ku Tokyo, 100-8330 Japan Phone: +81-3-3240-8111 Fax: +81-3-3240-7520 www.mufg.jp/english/index.html
EMPLOYMENT CONTACT
Send resumes to: 7-1, Marunouchi 2-chome, Chiyoda-ku Tokyo, 100-8330, Japan Fax: +81-3-3240-7520
DEPARTMENTS
Corporate Banking Retail Banking Trust Assets
THE STATS
Employer Type: Public Company Ticker Symbol: MTU (NYSE) President & CEO: Nobuo Kuroyanagi Gross Profit: JPY 3.273 trillion (FYE 3/09) Net Income: JPY -256.9 billion No. of Employees: 79,500 No. of Offices: 1,076
138
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition Mitsubishi UFJ Financial Group, Inc.
THE SCOOP
Global giant
Mitsubishi UFJ Financial Group (MUFG) was formed as a result of the 2005 merger between Mitsubishi Tokyo Financial Group and UFJ Holdings. The company is now the world's biggest bank by assets, with JPY 198.73 trillion under control. MUFG's 45,182 employees provide deposit, lending, leasing, investment advice and trust services in Japan and internationally in more than 40 other countries. In 2009, MUFG ranked No. 128 on the Fortune Global 500 list of the worlds largest corporations. MUFG operates in three core business areas: retail banking, corporate banking and trust assets. In corporate banking, which accounts for over 60 percent of MUFG's business, the firm focuses primarily on investment banking, offering advisory services on mergers and acquisitions, inheritance-related business transfers and stock listings. Mitsubishi UFJ Securities, a 60-year-old securities arm, became a subsidiary of MUFG in September 2007. The firm also operates Bank of Tokyo-Mitsubishi UFJ and Mitsubishi UFJ Trust and Banking. In the U.S., MUFG owns 65 percent of UnionBanCal, parent to Union Bank of California.
Mega deal
The merger of Mitsubishi Tokyo and UFJ reduced the number of Japan's mega-banks to three, as the combined company joined the ranks of competitors Mizuho Financial Group and Sumitomo Mitsui. Mitsubishi Tokyo, a banking powerhouse and one of the sole Japanese banks to remain healthy in the 1990s, saw a chance to secure a competitive position against the two other mega-banks by teaming up with the struggling UFJ. In the fiscal year prior to the merger, UFJ lost US$3.7 billion and was clearly the weakest of Japan's big four banking groups at the time.
Subprime lite
By 2008, its third year operating as a joint company, MUFG claimed its position as the largest of Japan's three mega banks and the world's largest financial institution by assets, a title it still held as of July 2009. But reality started hitting in late 2007, as the firm began feeling from the U.S. subprime loan fiasco. For the fiscal year ended March 2009, the firm reported a net income loss of JPY 256.9 billion.
IN THE NEWS
July 2009: Mitsubishi and Morgan sitting in a tree
MUFG announced that its strategic partnership with fellow financial group Morgan Stanley would expand its global scope through several new initiatives. These initiatives include the formation of a loan marketing joint venture based in the U.S. that will make business referral arrangements in Asia, Europe, the Middle East and Africa; a referral agreement for commodities transactions occurring outside of Japan; and lastly, a mutual secondment of employees to strengthen personnel experience and exposure. The two financial giants have been discussing various partnership arrangements since October 2008, when MUFG spent US$9 billion for convertible preferred shares amounting to a roughly 20 percent stake in Morgan Stanley.
Customized for: vinh (phamvinh@nus.edu.sg)
Visit Vault at www.vault.com for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.
139
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition Mitsubishi UFJ Financial Group, Inc.
GETTING HIRED
Experts, unite
Customized for: vinh (phamvinh@nus.edu.sg)
On MUFG's web site at www.mufg.jp/english, the bank describes its management philosophy as providing "the opportunities and work environment necessary for all employees to enhance their expertise and make full use of their abilities." If you're a good citizen, it probably won't hurt your chances eitherMUFG also details how it contributes to communities, including supporting employee volunteer programs. But, one thing the firm doesn't have on its site is actual job listings. If you're interested in applying, your best bet is probably to mail your resume to the firm's physical address at 7-1, Marunouchi 2-chome Chiyoda-Ku, Tokyo 100-8330, Japan.
140
PRESTIGE RANKING
24
BANK OF CHINA
KEY COMPETITORS
Agricultural Bank of China China Construction Bank Industrial and Commercial Bank of China
1 Fuxingmennei Dajie Beijing, 100818 China Phone: +86-10-6659-6688 Fax: +86-10-6659-4568 www.boc.cn/en
DEPARTMENTS
Asset Management Equities Sales and Trading Fixed Income Foreign Exchange and Settlement Investment Banking (through BOCI subsidiary) Investment Research Personal Banking
THE STATS
Employer Type: Public Company Ticker Symbol: BOC (HKSE) Chairman: Xiao Gang Net Interest Income: RMB 162.93 billion (FYE 12/08) Net Profit after Tax: RMB 65.89 billion No. of Employees: 249,278 No. of Offices: 10,789
141
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition Bank of China
THE SCOOP
Chinese champion
When Bank of China (BOC) went public on the Hong Kong stock exchange in June 2006, it raised US$9.7 billion, the biggest global offering since the debut of AT&T Wireless in 2000. The massive numbers far eclipsed many of the most hyped U.S. IPOs of recent years and increased the already significant buzz about the rise of China's financial prominence in the world. It is estimated that one in every six Hong Kong residents bought shares of the bank when it first went public. Bank of China serves retail and corporate customers, as well as providing treasury services for financial institutions and individuals which include currency trading and investment, wealth management, value-secured debt business and financing services. For its retail customers, the bank offers standard banking services such as savings deposits and wealth management services. It also offers credit card services with the "Great Wall" card, which was the first credit card to enter the mainland Chinese market when it was established in 1986. The bank's international financial services include inter-bank lending, insurance, and agent and custodian services. In addition to having branches located throughout China, BOC also operates across the Asia Pacific region in countries such as Australia, Bahrain, Indonesia, Japan, Kazakhstan, Malaysia, the Philippines, Singapore, Thailand and Vietnam. Globally, BOC has outposts in North and South America, Africa, and European countries such as the U.K., France, Germany, Italy and Russia. In 2009, BOC ranked No. 145 on Fortune's Global 500 list of the worlds largest corporations. As of September 2009, it had RMB 8.3 trillion in assets.
Defying warlords
Bank of Chinas roots extend all the way back to 1912, when Sun Yat-sen, the provisional president of China at the time, decided that Da Qing Bank should change its status and become a central bank. On Suns orders, Bank of China was then established, with its headquarters located in Shanghai. Only four years later, during the so-called Warlord Period, the government of the northern warlords threatened BOC and demanded the bank stop redeeming bank notes for silver. However, facing down the warlords with steely financial courage, the bank rejected the order, boosting its credibility as a credit-worthy bank in the process. In 1929, BOC opened its first overseas branch in London and continued to greatly expand its international presence over the next 20 years. On November 6, 1984, BOC issued the first overseas bond in the history of modern ChinaJPY 20 billion of Samurai bonds from Japan. The bank quickly became an established issuer of bonds, raising over US$5 billion by 2001.
IN THE NEWS
October 2009: Turning a profit
Customized for: vinh (phamvinh@nus.edu.sg)
For the three months ended November 30, 2009, BOC brought in net income of RMB 40.9 billion, which was relatively flat versus the third quarter of 2008. But for the nine months ending November 30, 2009, Bank of China booked a profit of RMB 62.23 billion, an increase of 3.8 percent versus the same period in 2008.
142
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition Bank of China
Visit Vault at www.vault.com for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.
143
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition Bank of China
GETTING HIRED
Use your resources
Although BOCs main site at www.boc.cn/en doesn't offer a section with job listings, that doesn't mean that it's impossible to snag a job with the bank. Direct contacts for branches in China are listed under the "Contact BOC" link from the main page. Applicants able to read Simplified Chinese can head to www.boc.cn/bocinfo/bi4 for a list of recruitment notices for both experienced hires and students. Open positions and campus visits are periodically listed. The English page of BOC's Hong Kong site at www.bochk.com has a careers section under the "About Us" heading that lists positions by department, including audit, China business, corporate banking, global markets, investment product management, risk management and much more. Links for the firm's graduate trainee and summer internship programs are also available. To apply for a position, send your CV or resume and cover letter to hr_recruit@bochk.com. Be aware that "applicants who do not hear from us within eight weeks may consider their application unsuccessful," according to the bank.
144
PRESTIGE RANKING
25
Level Level 6, 100 Queen St. Melbourne, 3000 Australia Phone: +61-3-9273-5555 Fax: +61-3-9273-6142 www.anz.com
DEPARTMENTS
Business, Corporate and International Banking Commercial Banking Foreign Exchange Markets Investments and Insurance Personal Banking (Transactions, Loans, Credit Cards, Debit Cards) Private Bank and Trustees Transaction Services
THE STATS
Employer Type: Public Company Ticker Symbol: ANZ (ASX, NZX) CEO: Mike Smith Revenue: AU$30 billion (FYE 9/09) Net Income: AU$2.94 billion No. of Employees: 36,094 worldwide No. of Offices: 1,346 branches/ representative offices
145
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition Australia and New Zealand Banking Group Limited (ANZ)
THE SCOOP
Australasia and beyond
The Australia and New Zealand Banking Group (ANZ) may be headquartered in Melbourne, but the bank has operations across the globe with major outposts in China, East and Southeast Asia, the South Pacific Islands, the United Kingdom and the United States. Aiming to be a "superregional bank" by 2012 with 20 percent of its revenue coming from Asia, the bank took some big steps towards this goal in August 2009 by scooping up a number of the Royal Bank of Scotland's Asian businesses. In 2008, ANZ named its Hong Kong office as a centralized regional hub for its Asia Pacific operations. With assets of more than AU$471 billion as of September 2008 (the end of ANZ's fiscal year), and boasting more than 6 million personal, private banking, small business, corporate, institutional and asset finance customers, ANZ is one of the four largest banks in Australia.
Expanding in China
During the past few years, ANZ has focused much of it expansion efforts in Asia on gaining a stronger foothold in China. This strategy began taking shape in 2006 with the US$252 million purchase of a 19.9 percent stake in Shanghai Rural Commercial Bank (SRCB). At the time of the buy-in, SRCB had approximately 330 branches, 5,000 employees, 2.5 million customers and RMB 137 billion in assets. In the world of Chinese finance, however, that only places SRCB as the 17th-largest bank in mainland China. Pushing further into the mainland in 2006, ANZ purchased a 20 percent share of Tianjin City Commercial Bank for US$112 million. ANZ hopes that these expansion efforts will place it among the biggest foreign players in China, such as Citigroup, Bank of America and HSBC, who all made investments in Chinese banks prior to the World Trade Organization regulations adopted by the Chinese banking industry in December 2006.
146
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition Australia and New Zealand Banking Group Limited (ANZ)
IN THE NEWS
August 2009: New faces in Asia
With the acquisition of all those RBS businesses, some reshuffling of leadership in Asia was announced. In Hong Kong, Alistair Bulloch takes the reins as deputy CEO for Asia Pacific, Europe and America, while Gilles Plante comes in to serve as the CEO for North East Asia, Europe and America. Specifically related to the RBS acquisition, Craig Sims, currently the CEO for ANZ's Pacific region, will be relocating to Singapore as the firm's head of integration, and aims for a smooth transition in each of the six markets once regulatory approval has been received. Meanwhile, taking over from Sims as the CEO for ANZ's Pacific region will be Michael Rowland, who will be based in Melbourne. Finally, there's a new managing director for retail banking and wealth products Asia Pacific: Wendy Lim, who joins from RBS, where she served as the head of retail banking for Greater China and South East Asia. All positions will be reporting to Alex Thursby, the CEO for Asia Pacific, Europe and America, and the appointments are expected to take effect in early 2010.
Upon the purchase, ANZ Group CEO Mike Smith remarked, "The acquisition of these RBS businesses is a further stepping stone in our superregional strategy and creates a new platform for our retail and wealth businesses in Asia." Notably absent from the assets were RBS' operations in India and China, but further acquisitions could be on the cards. Post-deal, ANZ gained about AU$4 billion in surplus capital under its wings, and to fuel speculation, Smith added intriguingly, "There are one or two things on the horizon."
Visit Vault at www.vault.com for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.
147
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition Australia and New Zealand Banking Group Limited (ANZ)
148
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition Australia and New Zealand Banking Group Limited (ANZ)
ANZ took possession of 26 percent of biotech firm BioProspect and over 20 percent in pharmaceutical firm Solagran; their shares served as security for loans to Opes Prime. The publicly-listed BioProspect brought ANZ in front of Australia's Takeovers Panel, and ultimately emerged victorious on its accusations that ANZ was in breach of takeover law by failing to declare the 26-percent acquisition. By August 2008, ANZ had fully unloaded its shares in BioProspect and Solagran as a way to recoup some of the debts.
GETTING HIRED
Break out of the mold
ANZs careers site at www.anz.com/about-us/careers covers a wide range of opportunities. Job seekers can browse a wide variety of worldwide opportunities for permanent (full-time and part-time), contract or temporary positions. Jobs are searchable by country, region, division and position. To apply online, you will need to set up an account. An eight-week summer internship program is available for students in Australia and New Zealand, with the possibility of landing an early graduate offer straight out of school. In Australia, roles are available in a range of areas including Accounting and Finance, Operations, Technology, Wealth, and within the Institutional division. A longer-term industry-based learning (IBL) program is also available in Melbourne for ANZ for students in their second year. The program lasts 12 months and gives participants some real-life experience at the firm, with the chance of an early graduate offer upon completion of studies. ANZs Graduate Program offers a rotational program ranging between 18 to 24 months within specific businesses and functions in Australia and New Zealand. A new Global Generalist Bankers Program was launched in 2009, which aims to develop and retain generalist bankers with broad experience across multiple banking disciplines. For information and requirements on internships, the IBL program and the Graduate and Global Generalist Bankers programs in Australia, go to www.anzgraduates.com.au. For New Zealand, check out www.anzgraduates.co.nz. Alternatively, ANZ operates local graduate recruitment helplines in Australia (1800 000 075) and New Zealand (0800 007 456), with direct email contact at anzgrad@anz.com. Since 2002, ANZ has recruited over 250 Indigenous trainees in branches around Australia. The bank believes that investing in training and supporting the Indigenous community provides opportunities for talented individuals to grow and open doors to a career with ANZ. In December 2008, ANZ announced increased employment targets for Indigenous Australiansup to 10 percent of entry-level roles (352 jobs) at ANZ are expected to be filled by Indigenous Australians by the end of 2011. For more information, read ANZ's Reconciliation Action Plan at www.anz.com/rap or visit the Indigenous Employment web site at www.anz.com/indigenousemployment.
Visit Vault at www.vault.com for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.
149
BANKING EMPLOYERS
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition
THE STATS
Employer Type: Government-owned Chairman: Xiang Junbo President: Zhang Yun Net Operating Profit: RMB 51.1 billion (FYE 12/08) No. of Employees: 441,883 No. of Offices: 24,069
KEY COMPETITORS
Bank of China China Construction Bank Industrial and Commercial Bank of China
DEPARTMENTS
Agro-Related Business Corporate Banking Foreign Exchange Services Personal Banking Treasury Operations Wealth Management
EMPLOYMENT CONTACT
job.abchina.com
THE SCOOP
Farmers market
The Agricultural Bank of China (ABC or AgBank) was established in 1979 as a resource to serve the farming population of China, which numbered nearly 800 million people at the time. Over the past 30 years, the rural bank has grown to become one of the "Big Four" Chinese banks along with the Bank of China, China Construction Bank, and the Industrial and Commercial Bank of China. With assets of approximately RMB 7 trillion worldwide and over 441,000 employees, it ranks second in size among the four giants. It also skyrocketed (from its previous rank at No. 223) to No. 155 on the 2009 Fortune Global 500. The firm holds around 18 percent of the bank branches in China, and thus ABC is the top bank for deposit assets. However, the company has come across harder times in the past few years, and has had to rely on sovereign wealth funds (SWFs) to bail it out of bad loans totaling nearly US$100 billion. Altogether, the Chinese government has spent US$500 billion recapitalizing banks. Federal banking regulators placed a loan cap on the bank in order to limit its descent into debt in 2008. The bank desperately needed a cash infusion to offset its loan baggage, and in August 2008, it got its wish as state-run Central Huijin Investment Company, a subsidiary of CIC, came through with a RMB 130 billion capital injection. Despite fears about its debt numbers, ABC remains profitablethough profits nearly halved in 2008, to RMB 51.1 billion from a 2007 net operating profit of RMB 96 billion. The bank is backed by rapidly increasing intermediary business, net interest, and fee and commission incomes. ABC is the last of the Big Four state-owned banks to become publicly traded, but it's now taken steps to join the rest as it underwent a transformation into a joint-stock company in January 2009. The public debut of its stock still hasn't happened, but could hit the markets sometime in late 2009 or in 2010.
153
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition Agricultural Bank of China Limited
2008 brought the most positive news as the Chinese Ministry of Finance approved ABC's removal of RMB 818.7 billion in bad assets from its books, with People's Bank of China refinancing RMB 150.6 billion to the bank and the Ministry of Finance converting the remaining RMB 665.1 billion to receivables. Part of the difficulty with NPLs lies in the sheer exposure ABC has to the rural marketabout 40 percent of ABC branches, more than 40 percent of deposits and loans, and about 35 percent of profits are directly related to rural businesses. Approximately 42 percent of those local loans are connected in some way to agricultural development. Even if the loans were paid back in full, the interest collected would generally not be high enough to cover the cost of traveling to the small villages that the bank services. However, higher interest rates would seem to be a further detractor to sign up for the loans in the first place. The bank's agricultural loans were originally meant to stimulate the farming economy, not to boost the coffers of the bank, and to tighten this up, ABC will have to make some tough decisions on how to conduct these loans in the future. Pan Gongsheng, the vice president of restructuring for the bank, remarked in November 2008, "It may take us a dozen years [to clear the NPL backlog], but it is also probable that we will complete the task earlier [than expected]."
IN THE NEWS
July 2009: Big steel deal
Chinese state news agency Xinhua reported in July 2009 that ABC had signed an agreement with Baosteel Group, China's largest steelmaker, to provide a RMB 50 billion credit line.
154
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition Agricultural Bank of China Limited
Visit Vault at www.vault.com for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.
155
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition Agricultural Bank of China Limited
GETTING HIRED
Banking down on the farm
Despite its rather rural moniker, the Agricultural Bank of China is hardly a small fish in a big pond; in fact, quite the contrary. The firmalso known commonly as AgBank or ABCis huge. As one of the Big Four banks in China, ABC boasts over 441,000 employees. However, getting in the door to actually become one of those employees may take a little finesse if you can't read Chinese. For recruitment information in Simplified Chinese, go to job.abchina.com. The firm's English site doesn't include a careers area for prospective workers. The bank's Hong Kong subsidiary, however, does have a designated "job opportunity" section at www.abchina.com.hk/main/job-eng.html with English listings of open positions. The Hong Kong office only employs about 60 people, but may be a good way to get your foot in the door. If you'd like to apply for the Hong Kong branch, send a resume and cover letter with salary expectations to recruit@abchina.com.hk. Alternately, you can send on your information to the bank's physical address: Head of Corporate Affairs, Agricultural Bank of China, H.K. Branch, 23/F, Tower 1, Admiralty Centre, 18 Harcourt Road, Hong Kong.
156
THE STATS
Employer Type: Public Company Ticker Symbol: 0023 (HKSE) Chairman & CEO: David Li Kwok-po Revenue: HK$19.1 billion (FYE 12/08) Net Income: HK$39.0 million No. of Employees: 10,567 No. of Offices: 240
EMPLOYMENT CONTACT
www.hkbea.com/hk/ci/career/index.htm
THE SCOOP
Old school in Hong Kong
Founded in 1918, Bank of East Asia (BEA) is one of Hong Kong's longest-standing banks, and the fifth-largest bank by assets in the city. Though the firm operates internationally in Malaysia, Singapore, the U.K., Canada and the U.S., BEA is most prominent in Hong Kong and mainland China. In Hong Kong, BEA operates 130 locations, and in China, it operates over 60 locationsone of the largest networks of any foreign bank operating in the mainland. BEA's main focus is retail and commercial banking. Retail and wholesale banking services are handled via six main divisions: Personal Banking, Corporate Banking, Wealth Management, Investment Banking, China, and International. The firm also handles life insurance and general insurance through wholly owned subsidiaries BEA Life and Blue Cross (Asia-Pacific) Insurance, and professional services through Tricor Group. With total assets of HK$415.3 billion as of December 2008, BEA ranked No. 1,221 on the Forbes Global 2000 list for 2009.
A homemade institution
BEA quickly rose to prominence, as the powerful Li family, along with the Wong, Kan and Fung families, founded the bank in Hong Kong in 1918 and officially began operations the following year. The Li familywho initially made their fortune importing rice into Hong Kong from Vietnam in the late 1800stook a proactive role in the expansion and development of the firm, becoming the chief shareholders within the first half of the 20th century. Moving into its iconic headquarters in 1935, BEA remained in the tradition of family-based banks providing financial services for the local community in colonial-era Hong Kong. The bank continues to be family-run, headed up by David Li Kwok-po, grandson of founder Li Koon-chun. With international ambitions, the bank expanded its services beyond the port of Hong Kong immediately after its establishment, setting up outposts in Shanghai and Saigon (now Ho Chi Minh City) in 1920. A second Vietnam branch was set up in Haiphong in 1930. As foreign banks were forced out of mainland China by the Chinese Communist Party during the Cultural Revolution, BEA was one of the only banks allowed to retain a presence on the mainland, albeit a limited one. As the firm expanded further in Southeast Asia to make connections with overseas Chinese communities, the bank's Singapore branch was opened in 1952.
157
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition The Bank of East Asia, Limited (BEA)
IN THE NEWS
June 2009: You scratch my back ...
China's largest bank by assets, Industrial and Commercial Bank of China (ICBC) announced in June 2009 that it had entered an agreement to buy 70 percent of BEA's Canadian unit for HK$567 million. BEA has six branches in Toronto and Vancouver. In addition, 12 months after the initial transaction, BEA will have the option to sell the remaining 30 percent to ICBC. Meanwhile, ICBC agreed to sell BEA 75 percent of their investment banking joint venture, ICEA Finance Holdings, for HK$372.2 million. BEA previously owned 25 percent of the venture, and will take full control after the purchase. ICEA has offices in Hong Kong, with representative offices in Beijing, Shanghai and Guangzhou, and operates in areas including securities broking, project finance and underwriting.
As Chinese regulators continue to make a push for the mainland's currency on the world's stage, BEA and HSBC Holdings were the first two non-Chinese banks granted approval to sell yuan (renminbi or RMB) bonds in Hong Kong. Though RMB deposits have been available in Hong Kong since 2004, the new bonds are widely seen as a large step towards internationalizing the Chinese currency. Julia Leung, Hong Kong's undersecretary for financial services and the treasury, remarked, "Trading and trade finance is the bread and butter business of banks. The bigger objective is to equip the banking system with the necessary expertise to conduct renminbi trade."
158
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition The Bank of East Asia, Limited (BEA)
AIG Private Bank, AIG Wealth Management Services was launched in September 2007, geared towards serving high-net worth clientele in Taiwan. Terms of the deal were kept private, but the transaction marked the first sale of AIGs Taiwanese assets. Pending approval, the acquisition will expand BEAs services in the region, which currently includes two banking branches in Taipei and Kaohsiung.
Visit Vault at www.vault.com for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.
159
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition The Bank of East Asia, Limited (BEA)
GETTING HIRED
Become a banker of East Asia
BEA employs over 10,000 people and operates more than 240 branches and offices worldwide, a large portion of which are located in Hong Kong and mainland China. The company operates one of the largest bank networks in Hong Kong, with 91 branches and 46 SupremeGold Centres in the city as of June 2008. BEA also has substantial operations in mainland China, where it operates 60 branches in cities ranging from Beijing and Shanghai to Chengdu and Tianjin, as well as two branches in Taiwan. Meanwhile, the bank also operates 12 branches in the U.S., in addition to branches in Malaysia, Singapore, the U.K. and Canada. BEA's careers site at www.hkbea.com/hk/ci/career/index.htm features a running list of current vacancies with numerous human resources email addresses to contact for each position. At the top of the careers site, the company also provides a link to a general downloadable application form in PDF format. Jobs can be applied to either by email or regular mail, and the bank asks that all applications include a cover letter quoting the position reference number, a resume, current and expected salary, as well as a contact phone number. Applications can be sent by mail to Recruitment & Personnel Services Department, The Bank of East Asia, 31/F, BEA Tower, Millennium City 5, 418 Kwun Tong Road, Kwun Tong, Kowloon, Hong Kongor by fax to +852-3608-6273.
160
BANK OF THAILAND
273 Samsen Rd. Bangkhunprom Bangkok, 10200 Thailand Phone: +66-2283-5353 Fax: +66-2280-0449 www.bot.or.th
THE STATS
Employer Type: Government-owned Company Governor: Tarisa Watanagase
EMPLOYMENT CONTACT
"Recruitment, Internship & Scholarship" link at www.bot.or.th/English (Thai-language only)
DEPARTMENTS
Monetary Policy Financial Markets Operations Financial Institutions Policy Financial Institutions Supervision FIDF Management Banknote Management Risk Management and Operations
THE SCOOP
At Thailand's center
As the central bank of Thailands financial and monetary sectors, Bank of Thailand (BOT) oversees banking and regulations for government and financial institutions throughout the country. BOT also engages in ongoing analysis and scrutiny of fiscal, monetary and spending matters related to Thailands growth. Its mission: "to provide a stable financial environment for sustainable economic growth in order to achieve continuous improvement in the standard of living of the people of Thailand." Other departmental responsibilities include managing government assets and reserves, regulating payment systems, printing and issuing of Thai banknotes as well as the handling of foreign exchange rate matters. BOT's department in charge of financial markets operations takes up the task of keeping domestic monetary policy in check, but also serves as the gatekeeper for the national Exchange Control Act and Measure to prevent speculation on the Thai baht.
Siamese connection
Ideas for a central bank began forming as Thailand (then known as Siam) began opening relations and trade with foreign nations during the reign of King Rama IV. Though western powers pushed for a central medium for trade and economy through the reign of Kings Rama V and VI, it wasn't until Siam's Revolution of 1932 that constitutional rule was established and the idea resurfaced. However, given a lack of expertise in banking issues, many felt that the time was not right to establish a central bank. In 1938, following Pridi Banomyong's appointment as Minister of Finance, a central banking act was drafted, paving the way for BOT. The Thai National Banking Bureau began operations in 1940, with the assistance of government and foreign advisers. However, as World War II came into full swing and Japanese troops landed on Thai shores, a push came to create a central bank amid the chaos. The Thai National Banking Bureau was ultimately transformed through a bill (the Bank of Thailand Act) which passed in April 1942, and the Bank of Thailand opened its doors in December 1942. The central bank relocated to Bangkhunprom Palace in 1945, where it remained until 2007, when headquarters was moved into a new building between Bangkuhprom and Devavsem Palaces.
161
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition The Bank of East Asia, Limited (BEA)
Paid in full
In developing a secure model for monitoring the transaction of payments, Bank of Thailand implemented a three-pronged electronic system in the mid-1990s to provide infrastructural organization in this area. The first to be introduced was BAHTNET, which could efficiently monitor transfers it processed on a real-time basis, from the order being placed to an aggregate amount being settled. BAHTNET gave commercial banks greater convenience in viewing its current account standings with the central bank, as each amount would show up as it was being transacted. Secondly, the Electronic Cheque Clearing System component was put in place to speed up the clearing of checks within one day of physical input. Finally, the Automated Clearing House System was devised to follow movements of funds in a retail capacity, and could better keep track of payments made on a regular basis or of a high amount.
IN THE NEWS
May 2009: Thai economy on the mend?
Breaking a trend of interest rate cuts, the Bank of Thailand kept things steady at 1.25 percent in May 2009, bucking the forecasts of many economists surveyed by Reuters. Though BOT's deputy governor, Atchana Waiquamdee, said that the central bank could reduce rates further if necessary, many felt it showed confidence in the Thai economy despite contractions and murmurs of recession. According to the BOT's monetary policy committee, economic indicators started to show a more "moderate contraction, while inflation continued to be subdued. The impetus from fiscal measures became more evident. Nevertheless, downside risks to economic recovery remained."
162
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition The Bank of East Asia, Limited (BEA)
GETTING HIRED
Earn some baht working for BOT
General information about BOT's recruitment programs is available on the bank's careers site via the "Recruitment, Internship & Scholarship" link from www.bot.or.th/English. However, you'd better know how to read Thaias of 2009, there was no English recruitment information available. Interested candidates might want to try calling BOT's human resources department at +66-2-283-6911. Otherwise, those looking for opportunities can send an email to Pitchayaporn Yokchadatarn (a member of the HR placement team) at PitChyayy@bot.or.th or Piyawan Siwakier (a member of the strategic career planning team) at Piyawans@bot.or.th. Alternately, students interested in scholarships and other opportunities can try emailing Vimarn Sukhyanga (a member of the scholarship team) at Vimarns@bot.or.th.
Visit Vault at www.vault.com for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.
163
THE STATS
Employer Type: Public Company Ticker Symbol: BEN (ASX) CEO: Mike Hirst Chairman: Robert Johanson Revenue: AU$2.91 billion (FYE 6/08) Net Income: AU$170.50 million No. of Employees: 5,000 No. of Offices: 880
EMPLOYMENT CONTACT
www.bendigobank.com.au/about_us/careers/careers_and_va cancies.asp jobs.bendigobank.com.au
THE SCOOP
Emerged from the merge
A relatively new name for two banks with deep roots, Bendigo and Adelaide Bank was established as a result of the merger between Bendigo Bank and South Australia's Adelaide Bank in November 2007. (The merger came just months after Bendigo Bank rejected two takeover offers by Bank of Queensland in April and June 2007.) The combined bank, officially named in March 2008, now serves as Australia's sixth-largest lender by market value, with Adelaide Bank serving as a wholly owned subsidiary of the entity. The group operates in four major divisions: retail banking, wholesale banking, wealth solutions, corporate support, and joint ventures and alliances. Bendigo and Adelaide Bank offers a range of services including business banking, fund management, commercial finance, trustee services and financial advisory services. The firm's retail arm, Bendigo Bank, includes nearly 900 outlets across all of Australia's states, providing community banking and wealth management services for households and small- to medium-sized enterprises (SMEs). Adelaide Bank focuses on consumer loans and business banking services for SMEs. Meanwhile, the group operates through a number of other subsidiaries, including mortgage firm National Mortgage Market Corporation (acquired by the group in 1995), debenture company Victorian Securities (acquired in 1999), funding house Oxford Funding (acquired in 2005), trustee company Sandhurst Trustees, and Bendigo Financial Planning. Bendigo and Adelaide Bank further offers mortgages through its wholesale banking arm, Adelaide Wholesale Mortgages. General insurance (including home, car, travel and landlord's) is handled through subsidiary Bendigo Bank Insurance, while health insurance is through Bendigo Health Cover, a venture with Australian Unity Health. The firm is also involved in a number of joint ventures, including Rural Bank Limited, Tasmanian Banking Services, Community Sector Banking and Homesafe Solutions, allowing the group to provide
164
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition Bendigo and Adelaide Bank Limited
specialized services to a wide range of customers. Overall, the group serves over 1.3 million retail customers in Australia, and boasts over AU$48 billion in assets.
Banking on communities
Founded during Australia's gold rush, Bendigo Bank originated as a building society based in the Bendigo goldfield in 1858. The settlement consisted of thousands of makeshift tents set up along the gullies. In an effort to add stability and structure to the community, a group of Bendigo's prominent citizens bonded together to form Bendigo Permanent Land and Building Society, providing financing for miners who sought to own their own homes. The building society continued to operate in this capacity for over a century, only first expanding from its single Bendigo branch in the 1970s. By then, the society had become a part of the community, boasting that its staff knew all customers by name. It even allowed mortgage borrowers to stay in their homes, rather than foreclosing on them, during the Great Depression. Going through rapid regional expansion in Victoria in the 1970s, the society grew quickly, acquiring a number of building societies and finance firms through the 1980s and 1990s. Services expanded as wellin 1982, Bendigo became the first financial firm to introduce Visa and the Visa debit card to Australia. All this expansion ultimately resulted in the society's conversion to a bank in 1995. Meanwhile, Adelaide Bank was formally established in 1994 from the Co-Operative Building Society of South Australia. Primarily focused on business in South Australia prior to its own bank conversion, Adelaide Bank now handles loans all over Australia, with more than 75 percent of its loans now outside of the state. Communities throughout Australia began to face disenfranchisement under numerous branch closures during the 1990s. In an effort to return branch banking to these communities, Bendigo Bank pioneered the "Community Bank" program. Under the program, launched in 1998, local communities would be allowed to band together to purchase and operate a Bendigo Bank branch, from which the firm would share revenue and provide banking support. Over 220 of these Community Bank branches are now in operation throughout Australia.
IN THE NEWS
Customized for: vinh (phamvinh@nus.edu.sg)
Visit Vault at www.vault.com for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.
165
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition Bendigo and Adelaide Bank Limited
166
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition Bendigo and Adelaide Bank Limited
GETTING HIRED
Built on gold
Bendigo and Adelaide Bank has grown far from its humble origins as a gold miners' building society, and the recent merger has seen the scale of its operations dramatically increase. However, still holding strong to its community roots, the firm states, "We believe that 'good business' and 'good community' are not mutually exclusive." There's not a centralized group recruitment site, but Bendigo Bank's has a careers site which lists current job openings within the company jobs.bendigobank.com.au. Available positions can be searched by category and location. Upon finding a position of interest, candidates are asked to upload their relevant employment details and a resume. Adelaide Bank's careers page redirects to Bendigo's site, but there is a general email address to send along your resume and cover letter: recruitment@adelaidebank.com.au. For further information about working for Bendigo and Adelaide Bank, the "Careers and Vacancies" link from Bendigo Bank's main site has details on the firm's development programs, diversity and more, as well as testimonials from a number of employees.
Visit Vault at www.vault.com for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.
167
THE STATS
Employer Type: Subsidiary of Bank of China CEO: Wang Yan No. of Employees: 200+ No. of Offices: 10
KEY COMPETITORS
Sun Hung Kai Financial Taifook Securities Group
EMPLOYMENT CONTACT
www.bocigroup.com/pub/en/career
DEPARTMENTS
Asset Management Fixed Income Investment Banking Investment Research M&A Securities Sales and Trading
THE SCOOP
Established investment banking
BOC International Holdings Limited (known as both BOCI and BOC International) is a wholly-owned subsidiary of Bank of China, one of the Big Four state-owned commercial banks in China. The BOCI name is well known, as the bank is one of the first fully dedicated investment banks in Greater China, and has been in business for 30 years. With roots in Hong Kong, the firm established a subsidiary in Shanghai in 2002, and also has subsidiaries in New York, London and Singapore. BOCI's business services include a variety of traditional investment banking operations, including securities underwriting, advisory, merger and acquisition (M&A) services, asset management and more. For individuals, BOCI offers equity and fixed income products, private wealth management services, and fund management. For institutions, the firm focuses on corporate finance (listing, bond issuance, leveraged and structured finance products, and private equity), securities (equity, fixed income products and derivatives) and M&A advisory and corporate restructuring. Asset management services are primarily handled through BOCI-Prudential Asset Management, a joint venture launched in 2001 with U.K.-based financial services firm Prudential.
168
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition BOC International Holdings Limited
China when a company-wide restructuring was conducted in 1998 to incorporate the two banks as one united investment bank. The result: BOC International. A few years after the firms were united as BOCI, the firm expanded its presence beyond Hong Kong's borders into Shanghai, and now represents both Hong Kong and mainland China. Established in 2002, BOCI (China) came about as a result of the cooperation between three mainland conglomeratesChina National Petroleum Corporation (CNPC), China General Technology Holding (Genertec), and Yuxi Hongta Tobaccoas well as two state-run investment firms, State Development & Investment Corporation and Shanghai State-owned Assets Operations. BOCI (China) became the first joint venture securities firm in China to receive a license to operate in Chinese yuan-denominated securities businesses.
IN THE NEWS
July 2009: Moving quickly in India
Through a tie-up with Indian IT giant Religare Technova Global Solutions (RTGS), BOCI is working its way into India through the RTGS trade processing and settlement platform. Partnering in July 2009, BOCI and RTGS will collaborate on the flagship NOVA platform, which provides a full suite of middle- and back-office functions (including areas such as retail and institutional broking, wealth management, treasury services, and stock borrowing and lending) as BOCI aims to expand rapidly in the region. Eric Li, BOCI's chief operating officer, explained, "This strategic partnership with RTGS will bring BOCI to the next level of competitiveness, not only through the use of NOVAs efficient trade processing and settlement model, but [also] the business agility that will be incorporated into BOCI."
Visit Vault at www.vault.com for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.
169
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition BOC International Holdings Limited
170
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition BOC International Holdings Limited
GETTING HIRED
Join the group
Check out BOCI's careers site by clicking on the "Career" link from the English-language page at www.bocigroup.com. With areas including investment banking, financial products, equity sales and research, asset management and private equity, there are a number of options at BOCI. Careers are separated into categories ranging from experienced hires and entry-level candidates to management trainees and internships. If you see a position that matches your qualifications, or if you want to be contacted about future opportunities, send your resume along with "current and expected salaries" to bocihrd@bocigroup.com. You can also send your application materials by mail to the Human Resources Division, BOC International Holdings Limited, 26/F, Bank of China Tower, 1 Garden Road, Hong Kong. Applications for internships are generally accepted from January to the end of March each year. For the firm's management trainee program in Hong Kong, application details are generally listed through Hong Kong's JIJIS system or on the careers sites at Hong Kong universities. A Bachelor's degree is required for analyst positions, while a Master's degree is required for associate positionsany discipline is okay, but a business background is preferred. Language skills are also important, including spoken and written Chinese (including Mandarin). More details are available on both of these programs via BOCI's careers site.
Visit Vault at www.vault.com for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.
171
THE STATS
Employer Type: Public Company Ticker Symbol: 0939 (HKSE); 601939 (SSE) Chairman: Shuqing Guo President: Zhang Jianguo Net Operating Profit: RMB 92.6 billion (FYE 12/08) Net Income: RMB 119.7 billion No. of Employees: 298,581 No. of Offices: 13,374
KEY COMPETITORS
Agricultural Bank of China Bank of China Bank of Communications Industrial and Commercial Bank of China
DEPARTMENTS
Corporate Banking Personal Banking Treasury Operations
EMPLOYMENT CONTACT
www.ccb.cn/portal/en/home/index.html
THE SCOOP
Building on Chinese finance
The origins of China Construction Bank (CCB) stretch back to 1954, when it was established as People's Construction Bank of China by Mao Zedong's government, primarily as a source for disbursing government funds to build up the infrastructure of the nation. As the political landscape in China developed, the state-owned bank gradually took on the roles of a commercial bank. In 1996, the People's Construction Bank of China officially adopted the name China Construction Bank. Growing quickly, the bank leaped to No. 125 (from No. 171) on the 2009 Fortune Global 500the sixth-largest Chinese company on the list. In 2008, CCB was named the Best Retail Bank in China by Capital Magazine. CCB made its debut in the market when it launched its IPO on the Hong Kong Stock Exchange in November 2005. The share price rose approximately 50 percent in the first year of trading, setting the stage for an even bigger offering on the Chinese mainland in September 2007. CCB launched the second-largest IPO in the history of China, raising approximately US$7.7 billion, when the bank entered into trading on the Shanghai Stock Exchange. CCB's IPO in Shanghai more than proved it was one of the leading power players in the flourishing Chinese economy by raising RMB 58 billion. The orders for the listing showed that it was an impressive 40 times oversubscribed among retail investors and 24 times oversubscribed by institutional investors, drawing over US$300 billion in funds. The bank's future looks bright in capitalist markets, but it still keeps the reins tight on its employees. On the company website, CCB warns its employees that they must be vigilant to avoid mistakes, with the following motto: "My minor negligence may cause great trouble for the client. My trivial mistake may cause great loss for the CCB. Greed, depravation, and corruption will bring shame to myself, my family, and my CCB."
172
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition China Construction Bank Corporation
Organization charts
Three main business segments make up CCB's main operations: corporate banking, personal banking and treasury operations. With 13,374 branches stretched throughout the country, CCB is one of the largest banks offering services for infrastructure loans, residential mortgages, and savings and deposits. The bank's corporate services include institutional e-banking, credit services, fund settlement and custody, and international financing. The bank services its international clients from overseas offices in Frankfurt, Germany; Johannesburg, South Africa; Singapore; Seoul; and Tokyo. CCB also has representative offices in New York, London and Sydney. Its asset management and wealth management services are handled through its subsidiary, China Construction Bank Principal Asset Management.
Banking buddies
In 2005, CCB entered into a strategic alliance with U.S.-based financial giant Bank of America, when the latter purchased a 9 percent stake in the Chinese entity. The partnership gives CCB an association with an established American banking firm while simultaneously giving Bank of America access to key markets in China. Just one year after Bank of America bought the stake, CCB turned around and purchased Bank of America Asia, a Hong Kong firm with a subsidiary in Macau. Bank of America Asia is now known as China Construction Bank Asia. The Chinese lender is also a member of the Global ATM Alliance, a service which allows costumers from a wide range of international banks to use each other's ATMs without fees. The Alliance consists of nine banks, and also includes ABSA, Barclays, Bank of America, BNP Paribas, Deutsche Bank, Santander Serfin, Scotiabank and Westpac.
IN THE NEWS
June 2009: CCB enters NY and London
Extending its global network, CCB opened its first U.S. branch in New York City. The branch will handle wholesale banking, including lending, wholesale deposits, trade finance, U.S. dollar clearing and treasury transactions. Just a few days earlier, the firm officially launched its whollyowned subsidiary in the U.K., which handles corporate banking, trade finance, commodity finance and more.
CCB extended a line of credit totaling RMB 20 billion to China Southern Airlines, one of the largest airlines in China. Despite a downturn in traffic for many fleets around the world, in the first quarter of 2009, China Southern Airlines indicated a growth in passenger traffic. In addition to the lending provided by CCB, the strategic agreement also includes financial consultation for the Guangzhou-based airline, including the management of cash flows and capital settlements. The big lend to China Southern comes on the heels of an extension of credit to Shanghaibased China Eastern AirlinesCCB extended RMB 11 billion to the airline in March 2009.
Visit Vault at www.vault.com for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.
173
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition China Construction Bank Corporation
renamed CCB Trust after capital has fully transferred. Investing in trusts as a means of revenue diversification has been a growing trend amongst Chinese banks, as government bodies have eased regulations on cross-industry transactions.
GETTING HIRED
Keep your hat off
Hop on the hiring wagon at www.ccb.com/portal/en/home/index.htmljust understand that they do things a little differently at CCB. When the bank is in its recruiting season, it posts a "positions vacant" notice in its announcements section. From there, prospective employees need to download and fill out a recruitment application form, attach a recent color photo of themselves (which should be "hatless") and include testimonials on recent work experience. Applicants should then mail everything in to the Human Resources Department, China Construction Bank Corporation, 25 Jinrong Street, Xicheng District Beijing, 100032, China. Alternately, candidates can email zhaopin.zh@ccb.com. The firm informs candidates that "all application documents will be kept confidential but not returned." Candidates who successfully apply will be notified by mail regarding interviews. As far as the interview process goes, the firm provides some handy tips on its site for the candidates that pass its written test and get to the next level. Prospective employees should arrive "15 minutes before the interview," dress formally and have their best manners at handinterviewees are "required to cooperate with our staff and to behave properly." For those fluent in Simplified Chinese, the hiring process may be a bit less unpredictable, as there is a detailed web site with information on graduate and experienced recruitment at job.ccb.com. The Chinese recruitment page features a Frequently Asked Questions section, in addition to lists of employment vacancies categorized by city and date added.
174
THE STATS
Employer Type: Private Company President: Hu Changsheng No. of Employees: 5,000 No. of Offices: 167
LOCATIONS IN CHINA
Beijing Guangzhou Shanghai Shenzhen Other major cities in China
KEY COMPETITORS
BOC International China International Capital Corporation China Merchants Securities CITIC Securities Guotai Junan Securities Ping An Securities
DEPARTMENTS
Asset Management Financial Consulting Fund Management Investment Banking Market Research Mergers and Acquisitions Portfolio Investment Securities Brokerage Underwriting and IPO Recommendation
EMPLOYMENT CONTACT
Contact us link on www.chinastock.com.cn (in Simplified Chinese)
THE SCOOP
Come together
State-funded China Galaxy Securities was officially founded in August 2000 with start-up capital of RMB 4.5 billion. Though China Galaxy may seem like the new kid on the block, it actually draws on the experience of five established financial services companies. China Galaxy is comprised of securities and investment arms from the Big Four banks (Bank of China, China Construction Bank, Industrial and Commercial Bank of China, and Agricultural Bank of China) as well as from China Life Insurance Company. Today, this joint effort is the third-largest underwriter in China with 14 percent of the market share, only trailing CITIC Securities and China International Capital Corporation (CICC). China Galaxy provides high-end investment banking services to corporations, financial institutions, governments and high-net worth individuals. The firm's divisions include a full securities brokerage, IPO underwriting and recommendation, mergers and acquisitions (M&A), financial consulting, asset management, portfolio investment, fund management and market research. China Galaxy also operates a series of indexes, which launched in March 2001. These include the Galaxy 500, the Galaxy Fund Index, the Galaxy T-bond Index and the Galaxy Corporate Bond Index.
175
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition China Galaxy Securities Co., Ltd.
IN THE NEWS
June 2009: Unfreeze!
Chinese underwriters rejoiced as the unofficial moratorium on IPOs, enacted in September 2008 by the China Securities and Regulatory Commission (CSRC), was finally lifted in June 2009. In addition to the more than 300 companies stuck in the application process, over 30 companies had received regulatory approval but weren't cleared to sell shares under the freeze.
176
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition China Galaxy Securities Co., Ltd.
The debut of China Coal Energy's stock was soon eclipsed by the October 2007 debut of China Shenhua Energy, the largest coal miner in the country. China Shenhua's IPO raised a record RMB 66.6 billion, the largest sum ever raised by a mainland Chinese company at the time. Approximately 1.8 billion shares were sold, and China Shenhua's stock was also massively oversubscribed, raising RMB 2.67 trillion, a record number of subscriptions.
GETTING HIRED
Best of luck
How to go about finding a gig at China Galaxy Securities appears to be anybody's guess. The bank doesn't list employment opportunities on its web site, and listings for the firm are absent from most China-based job sites. If you can read Simplified Chinese, you can log on to its affiliate site, www.chinastock.com.cn, and try the "contact us" section for full information. But China Galaxy seems to be like many securities firms in Chinajobs and positions available within the company aren't often widely publicized. So if you have a contact within the company, he or she may be a better way in than the traditional application process.
Visit Vault at www.vault.com for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.
177
THE STATS
Employer Type: Private Company CEO: Levin Zhu Yunlai Chairman: Li Jiange No. of Offices: 7
DEPARTMENTS
Asset Management Capital Markets Fixed Income Investment Banking Private Equity Research Sales & Trading
EMPLOYMENT CONTACT
Joining CICC link at www.cicc.com.cn
THE SCOOP
Wall Street meets China
China International Capital Corporation (CICC) was the first major collaboration of a U.S. investment bank with a Chinese investment bank. Founded in 1995, long before the buzz about China turned into a roar, CICC was a way for banking giant Morgan Stanley to test the financial waters. Partnering with a number of Asian firms, Morgan Stanley bought a 34.3 percent stake in CICC at the time of its incorporation, marking the first time a Wall Street company had made such a significant investment in China. CICC's controlling stake is held by China Jianyin Investment (43.4 percent), a sub-subsidiary of Chinese sovereign wealth fund China Investment Corporation (CIC). Other partners in the venture include China National Investment & Guaranty Co. (7.7 percent), the Government of Singapore Investment Corporation (7.4 percent), and a private Hong Kong-based investment firm run by the Cha family, Mingly Corporation (7.4 percent). Morgan Stanley's investment gamble has more than paid off. CICC is currently one of the top underwriters in China working on some of the biggest deals in investment history, including the massive IPOs of China Construction Bank (US$9.2 billion in 2005) and Industrial and Commercial Bank of China, or ICBC (US$19.1 billion in 2006). In 2007, CICC underwrote US$17.7 billion in public offerings, according to Thomson Reuters. CICC is overseen by CEO Levin Zhu Yunlai, the son of former Chinese Premier Zhu Rongji. Levin Zhu got his start as a weather analyst for the Chinese government's China Meteorological Administration. It wasn't until 1996 that he entered finance, joining Credit Suisse in New York after completing a Master's degree in accounting in Chicago. Zhu switched over to CICC in 1998 (the year his father became China's premier) before formally taking the reins at CICC in 2002. The firm's main offices are located in Beijing, but the company also has locations in Shanghai, Hong Kong and Shenzhen.
178
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition China International Capital Corporation
IN THE NEWS
April 2009: First-quarter underwriting kings
Customized for: vinh (phamvinh@nus.edu.sg)
According to Bloomberg data, CICC and CITIC have reaped the benefits of a growing bond market which has barred all other brokerages from competing. Aside from banks, CICC and CITIC are the only two brokerages allowed to underwrite medium-term notes and commercial paper two types of bonds that help companies raise cash. Medium-term notes (bonds that typically mature in three to five years) were introduced to the Chinese market in April 2008, though sales were suspended from July to September. In the first quarter of 2009 alone, CICC worked on RMB 21 billion of medium-term note dealsmore than four times the total for all of 2008. (An unofficial moratorium on IPOs in China came into effect in September 2008, and continued until June 2009.) Since CICC and CITIC were the two biggest Chinese equity underwriters in 2008, controlling a combined 43 percent of the market, the medium-term notes may be a way to salvage a bad situation for the two firms under the moratorium on stock offerings.
Visit Vault at www.vault.com for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.
179
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition China International Capital Corporation
GETTING HIRED
The merits of CICC
CICC defines itself as a "meritocracy"meaning that ability and talent are rewarded above all. The firm claims it has "no rigid hierarchy" though there is a "defined management structure. Core business departments include investment banking, capital markets, sales and trading, research, fixed income and asset management. Development options include overseas, in-house, product and skill-based training in addition to certification assistance programs. Pre-employment training programs for campus hires also exist. Check the "Joining CICC" link at www.cicc.com.cn for recruitment information. Hiring at CICC falls into three categories: lateral hires (experienced professionals), campus hires (fresh graduates) and summer internships. CICC notes that recruiting for the summer internship program usually begins in March or April each year. For any general questions on the application process, you can email talent@cicc.com.cn. However, the firm notes that resumes should not be sent to this addressinstead, use its online application system. To apply, first click the "Login/Register" link to fill in your profile, recommended to be in both Chinese and English. Next, select your category lateral, campus or internshipand then choose the specific position you're interested in. If your position isn't available, you can join the firm's
180
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition China International Capital Corporation
"talent pool" for future openings in some of its departments. After you have finished applying, a confirmation letter will be sent to your email address. Qualified applicants will be invited "to attend a written test and/or interviews." The recruitment site also gives useful tips on interview preparation. Along with general advice (such as a reminder to learn about investment banking and research the firm as well as the department you are applying to), CICC explains that interview questions generally evaluate two main areas: "whether you have the required knowledge and skills for the job; and whether you possess the specific competency required of a CICC employee." Another piece of advice CICC offers is to give specific examples of what you have done "to show the real you" during the interview.
Visit Vault at www.vault.com for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.
181
THE STATS
Employer Type: Subsidiary of China Merchants Group President & Director, CMS: Yang Kun No. of Offices: 71 No. of Employees: 2,000
KEY COMPETITORS
BOC International China Galaxy Securities GF Securities Guotai Junan Securities Haitong Securities Ping An Securities
THE SCOOP
Top-10 list
Established in 1991, China Merchants Securities (CMS) is a subsidiary of state-owned conglomerate China Merchants Group, which indirectly controls over 51 percent of the firm. CMS now ranks among the top 10 brokerages in China, of which there are over 100. The massive China Merchants Group also oversees wholly owned Hong Kong-based subsidiary China Merchants Securities (HK). Fund management is handled through China Merchants Fund (of which the Hong Kong subsidiary owns a 40 percent stake) and Bosera Funds (in which CMS holds a 73 percent stake). Aside from its transportation/infrastructure and property development businesses, China Merchants Group also oversees China Merchants Bank (CMB), the sixth-largest bank in China. CMB launched in 1987 as the first commercial bank in China not directly under government control. In 1991, CMB launched CMS as a department to expand its business even further, and in October 1994 CMS was established as a wholly owned subsidiary of CMB. Both CMS and CMB are headquartered in the southern Chinese city of Shenzhen, with offices in Hong Kong and throughout mainland China. Strongest in asset management (which is No. 1 with a 25 percent market share in China, according to the firm), CMS also handles brokerage and investment banking services. On the I-banking side, CMS handles equity finance, bonds, structured finance, and advisory and M&A. The securities firm is led by Yang Kunshe has served as the president of CMS since December 2003 and also serves as the "chairman" (though shouldn't that be chairwoman?) of the board for Bosera Funds since July 2008. CMS submitted plans to regulators for the launch of its IPO in September 2008, which could place it even higher up the charts for Chinese securities firms. However, after gaining initial regulatory approval (and after a nine-month freeze on IPOs in China), the launch has yet to
182
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition China Merchants Securities Co., Inc.
materialize. CMS has hired the Chinese brokerage arms of financial giants Goldman Sachs and UBS to jointly underwrite the public offering, which analysts predict could potentially raise up to RMB 5 billion.
QDII approved
CMS has the privilege of being one of only a handful of Chinese brokerages to have won the coveted status of qualified domestic institutional investor, or QDII. The China Securities Regulatory Commission (CSRC) has only allowed securities firms to invest in foreign securities markets since April 2006, when the QDII program was launched. At first, investments were limited to fixed-income and money market products. However, the CSRC expanded the definition of QDII in May 2007 to allow investment banks to invest in stock-related products with modest restrictions. In September 2007, CMS became the second securities firm to earn QDII approval after China International Capital Corporation (CICC). Some of the other securities firms which have QDII approval from the CSRC include CITIC Securities, Guotai Junan Securities, Orient Securities, Everbright Securities and Huatai Securities.
Subsidiary of a subsidiary
CMS handles fund management in mainland China through a joint venture with Dutch financial firm ING Investment Management. The partnership, named China Merchants Fund Management (CMF), was the first Sino-foreign joint venture of its kind to receive formal approval to operate in mainland China. CMF was founded in December 2002 as a collaboration between CMS, ING and three other companies: China Power Finance Company, China Huaneng Finance Company and China COSCO Finance Company. However, in May 2007, China Merchants Bank bought out the latter three companies, leaving the CMF evenly split three ways between CMB, CMS and ING. Also headquartered in Shenzhen, most of CMF's business revolves around the launching of funds and fund management. The firm is organized into nine main departments: investment management, investment trading, marketing, client services, IT, business development, supervisory and audit, general management and finance, and fund accounting. In January 2008, CMF was also granted QDII approval by the CSRC.
IN THE NEWS
June 2009: Finally, IPOs return
Though CMS has yet to launch its own IPO, the firm served as lead underwriter on China's first IPO of the year when regulators lifted the unofficial moratorium on the markets in June 2009. Guilin Sanjin Pharmaceutical, a major Chinese medicine maker, raised RMB 910.8 million from the IPO and was 584 times subscribed for the main retail portion, as hungry investors jumped on board.
Visit Vault at www.vault.com for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.
183
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition China Merchants Securities Co., Inc.
Though CMS gained approval, the IPO may not be launched immediately. One final hoop remains to be jumped throughCMS must get authorization directly prior to the actual start of the IPO process. To put things in perspective, Everbright Securities received its initial approval from the CSRC in June 2008, but still had not received the final authorization to go ahead with its IPO as of September 2008. And, as luck would have it, the CSRC instituted an unofficial moratorium on IPOs in China from September 2008 until June 2009, effectively freezing the IPO markets due to the global economic crisis.
GETTING HIRED
Follow the clues
There's no straightforward English-language careers area on the China Merchants Securities site, but there are some resources on the site in Simplified Chinese at news.newone.com.cn/adv/zhaopin/zhaopin.html. By e-mail, you can try sending a resume and cover letter to this general HR address: hr@cmschina.com.cn. Alternately, you can try sending your information to the firm's physical address (care of the HR Department) at: Jiangsu Building, Block A, 38/F, Yitian Road, Shenzhen, 518026, China. For opportunities with CMS in Hong Kong, try hr@cmhk.com. Simplified Chinese-language information on the careers site includes general information on the type of individual the firm's looking for, as well as links to a campus employment blog at zszq2009.blog.sohu.com and a grad-specific recruitment site at news.newone.com.cn/newone/gonggao/20081020/index.htm. The latter site includes campus visitation dates and much more.
184
THE STATS
Employer Type: Subsidiary of Canadian Imperial Bank of Commerce (CIBC) Chairman & CEO, CIBCs wholesale banking division: Richard Nesbitt Revenue: C$405 million (FYE 10/09) Net Income: -C$507 million No. of Employees: 1,100 No. of Offices: 22
KEY COMPETITORS
BMO Capital Markets RBC Capital Markets TD Securities
BUSINESSES
Capital Markets Cash Equities Fixed Income, Currencies & Distribution Global Derivatives & Strategic Risk Corporate & Investment Banking Corporate Credit Products Investment Banking Merchant Banking U.S. Real Estate Finance
EMPLOYMENT CONTACT
www.cibcwm.com/careers
THE SCOOP
Canada goes Far East
CIBC World Markets, also known as the wholesale banking division of Canadian Imperial Bank of Commerce (CIBC), can trace its roots back to 1988 when CIBC acquired a majority interest in Wood Gundy, then one of Canada's leading securities dealers and foremost international Canadian dealer. The combination of CIBC's capital and Wood Gundy's underwriting reputation created one of the leading investing institutions in Canada. CIBC Wood Gundy formed the core of CIBC World Markets, which was created in 1997. Though its home base may be in Canada, CIBCs wholesale banking division does business globally. The company has five offices in the Asia Pacific region, with operations in Beijing, Hong Kong, Tokyo, Shanghai and Sydney.
Customized for: vinh (phamvinh@nus.edu.sg)
Headquartered in Toronto, CIBCs wholesale banking division provides credit and capital markets products, fixed income and currency services, and investment banking and merchant banking to clients around the world. The capital markets division offers equities, sales and trading, alternative execution services, research, derivatives and arbitrage. The merchant banking division offers both venture capital services and sponsored private equity funds. The fixed income and securities division also offers the trading and sale of debt products, interest rate derivatives and foreign exchange. CIBC's investment banking unit offers credit products, debt and equity underwriting, income securities and trusts, M&A advisory, U.S. real estate finance, and private placement services. CIBC is one of Canadas top M&A advisors in a number of industries, and is a leader in Canadian equity underwriting and structured products.
185
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition CIBC World Markets Inc. (CIBCs Wholesale Banking Division)
Mining expertise
CIBCs wholesale banking division carved out a niche for itself in the world of investment banking by specializing in mining M&A advisory. This proved extremely profitable for the company as its focus on the sector coincided with a boom in mining acquisitions. CIBC World Markets has been involved in deals with some of the biggest international names in mining including Placer Dome, Noranda and Anglo Gold Ashanti. The Australian branch of CIBCs wholesale banking division has represented mining firms such as BHP, Cameco, Mitsubishi, Normandy, and Ashton Mining. Because of the success of its endeavors in this industry, CIBCs wholesale banking division has adding mining professionals to its offices in both Hong Kong and Beijing. Currently, the firm has 40 professionals dedicated exclusively to the global mining arena.
IN THE NEWS
December 2009: Hitting its target
CIBCs wholesale banking business reported a net loss of $507 million in 2009 compared with a net loss of $4.2 billion in 2008. The results included write-downs within the firms structured credit run-off business (managed apart from wholesale bankings core and continuing
186
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition CIBC World Markets Inc. (CIBCs Wholesale Banking Division)
businesses). Despite the loss, the firm hit its financial goals. Wholesale Banking exceeded its financial objective set at the end of 2008, which was to deliver annual net income between $300 million and $500 million from its continuing businesses, according to CIBC President and CEO Gerry McCaughey in a joint statement. This result reflects progress against the strategy and risk context set forth by the business in 2008, in combination with a better operating environment in 2009.
Visit Vault at www.vault.com for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.
187
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition CIBC World Markets Inc. (CIBCs Wholesale Banking Division)
on 23 deals worth C$3.4 billion. And it came in fifth in Canadian IPO volume; the firm only worked on one deal, but that was worth C$60 million.
GETTING HIRED
Email, email, email
CIBCs wholesale banking division's careers page at www.cibcwm.com/wm/careers has information on general recruitment as well as campus recruitment. There are entry-level job listings, but only for North America and Europe. The firm also offers a "Global Tuition Assistance Policy" designed to foster continuing education for eligible employees. To apply for opportunities in Asia Pacific, there are links from the recruitment page to send your CV by email to coordinators in Australia, Mainland China and Hong Kong, Japan, and Singapore. For Australia, applicants should send their CV to recruitment@cibcwm.com.au. For mainland China and Hong Kong, contact recruitment@cibc.com.hk. For Japan, it's recruitment@cibc.co.jp. And finally, for Singapore, shoot an email to recruitment@cibc.com.sg.
188
THE STATS
Employer Type: Public Company Ticker Symbol: CIMB (Bursa Malaysia) CEO: Dato' Sri Nazir Razak Revenue: RM 9.6 billion (FYE 12/08) Net Income: RM 2 billion No. of Employees: 36,000 No. of Offices: Operations in 11 countries
KEY COMPETITORS
AMMB Holdings Berhad Edaran Otomobil Nasional Berhad Malayan Banking Berhad
BUSINESSES
Asset Management Consumer Banking Insurance Investment Banking Islamic Banking
EMPLOYMENT CONTACT
See careers at www.cimb.com
THE SCOOP
Universal banking in Malaysia
Commerce International Merchant Bankers Group, better known as CIMB Group, is a Malaysian banking giant. CIMB Group is the secondlargest financial service provider in Malaysia (behind Maybank), the fifth-largest in Southeast Asia by total assets, and also the region's largest investment bank. The company has 36,000 employees and serves over 7 million customers in bout 600 locations, both in Malaysia and around the world. CIMB Groups international footprint includes regional offices in Hong Kong, Indonesia, Singapore and Thailand, as well as outposts in mainland China, Vietnam, the U.S. and the U.K. The bank aims to become "Southeast Asia's most valued universal bank." As of September 2009, it had RM228.9 billion in assets.
189
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition CIMB Group Holdings
economy. The bank grew rapidly after its creation and became the bank of choice for many Malaysians. BBHB set up branches in rural and underserved areas where no other banks existed, and by doing so, the bank contributed to the establishment of many small companies as well as the overall growth of the economy. By the 1980s, BBHB had the largest assets of any Malaysian bank.
United as one
The biggest period of change and growth in CIMB Group's history began in 2004 with a series of important mergers and acquisitions, culminating in the emergence of the company as a universal bank in 2006. The mergers essentially began when Bumiputra-Commerce Holdings Berhad (BCHB) decided to combine all of its operations into a single universal bank under the CIMB Group. In this period of growth and transition, CIMB Group merged with Bumiputra-Commerce Bank (BCB) and Southern Bank Berhad (SBB) to form a company that could handle virtually all banking needs. Malaysia's prime minister, Abdullah Ahmad Badawi, officially launched the new CIMB Group in September of 2006. The launch marked the conclusion of over 20 years of mergers and acquisitions between scores of financial groups that were now under the control of a single branded company. With all its cash counted, the new CIMB Group saw its total assets grow from MYR 14.7 billion in 2004 to MYR 155 billion by September of 2006. In the same period of 18 months, the company saw its workforce grow by 19,000 people, and increased its market capitalization from MYR 6.3 billion to MYR 19.5 billion. Following the launch of the new CIMB Group, the company spent MYR 80 million rebranding branches of BCB and SBB into CIMB banks and also unveiled a new logo and slogan: "Forward Banking."
Divided as three
CIMB Group now runs three main divisions. The first division, CIMB Bank Berhad handles consumer banking, business banking and direct banking. The second division, CIMB Investment Bank Berhad, handles investment banking, corporate banking, private banking and asset management. Finally, its third division is CIMB Islamic, which handles Islamic banking. The group also oversees asset management in Malaysia, operating a number of funds in areas including private equity, venture capital, structured investments and real estate. Other businesses under the CIMB Group's wings include life insurance (through CIMB Aviva Insurance Berhad), takaful (Islamic insurance through CIMB Aviva Takaful Berhad) and bancassurance (through an agreement with Allianz Malaysia). The commercial banking arm of the CIMB Group, CIMB Bank Berhad, is the second largest commercial bank in Malaysia as a stand- alone entity, operating a network of 364 branches and 2,100 self-service terminals, and serving over 4.7 million customers. Many of the bank's locations were formerly branches of BCB and SBB before they were absorbed and rebranded after being acquired in 2006. The bank also has international branches in Hong Kong, Singapore and London. CIMB Investment Bank handles all investment banking matters within the group including corporate advisory, equity capital markets and debt capital markets. It has offices in eight countries and territories, including Malaysia, Singapore, Indonesia, Hong Kong, Thailand and Brunei, as well as in the U.S. and the U.K. The investment bank also runs CIMB Private Banking, which caters to high net-worth individuals in Southeast Asia. Malaysia, where the official state religion is Islam, has become a hub for the Islamic banking world in recent years, particularly in Southeast Asia. Islamic banking differs from standard banking in that those practicing it must adhere to Islamic law, known as Sharia. Rules unique to the world of Islamic banking include a ban on interest payments and the prohibition of investing in any businesses thought to violate the basic tenets of Islam. Examples of such businesses might include companies that sell, produce, or trade in goods such as pork, alcohol or pornography, all of which are forbidden under Islamic law. CIMB Islamic Bank Berhad is the Sharia-compliant arm of CIMB Group and was initially launched in 2003 as Commerce Tijari. The bank now boasts over 100 Islamic banking specialists and offers services including investment banking, consumer banking and asset management.
190
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition CIMB Group Holdings
CIMB Group has also partnered with Bank of Tokyo-Mitsubishi UFJ, one of Japan's largest financial services providers. The alliance was announced in 2006 and allows Japanese companies operating in Malaysia to access CIMB's nationwide network, investment services and knowledge of Islamic finance, as well as giving CIMB clients in Japan access to the Malaysian bank. The year after the partnership was announced, CIMB Group closed its branch in Tokyo (it was the only Malaysian bank in Japan), saying the move was to streamline its business since its partnership with Bank of Tokyo-Mitsubishi UFJ ensured a continued presence in Japan. In the Middle East, CIMB Group is also expanding. In late 2006, the firm began a joint partnership with Yusuf Bin Ahmed Kanoo Holdings WLL (Kanoo Group) to launch the CIMB-Kanoo Islamic Investment Co. BSC. The joint venture focuses on the marketing and distribution of Islamic investment banking products and services, specifically in debt and equity capital markets, corporate banking, asset management and treasury services. CIMB-Kanoo is headquartered in Bahrain, a major center for Islamic banking.
IN THE NEWS
July 2009: New Islamic asset management company
CIMB Group and the Principal Financial Group teamed up to create a global Islamic asset management company called CIMB-Principal Islamic Asset Management Sdn Bhd. CIMB Group will combine its Islamic finance expertise with PFGs 129-year track record and some $300 billion in assets under management.
CIMB Group won a hotly contested bidding war, reportedly between 14 different financial institutions including both international and local Thai companies, to purchase the bank. According to a statement released by the firm, the sale offered one of the last remaining opportunities to purchase a controlling share of a Thai bank. CIMB Group purchased the shares from the Thai Central Bank, which owned shares of BankThai through the Financial Institutions Development Bank. The purchase price was nearly three times the book value of BankThai as of March 2008. While the purchase of ThaiBank certainly gave CIMB Group a greater stake in the world of Southeast Asian banking, not everyone was so impressed by the acquisition. Almost immediately after the sale was announced, financial analyst Standard & Poor's (S&P) put CIMB Group on its negatively rated CreditWatch, concerned that the financial position of ThaiBank had the potential to hurt the Malaysian banking giant.
Visit Vault at www.vault.com for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.
191
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition CIMB Group Holdings
Months later, S&P's fears about CIMB Group seemed to have been allayed as it returned the company's credit rating to "stable" in September 2008. (As of August 2009, CIMB Group owned a controlling 93 percent of Thaibank.)
GETTING HIRED
Merge with the company that loves mergers!
CIMB Group runs an extensive and information-packed careers web site in English at www.cimb.com/careers. The site contains sections covering all sorts of things, including corporate culture, work environment and benefits. For secondary school graduates and experienced hires, job vacancies are grouped by investment banking, consumer banking, and Islamic banking. Asset management opportunities are also possible for secondary school graduates. According to the site, the company is looking for applicants who are, "multi-disciplined persons with high intelligence, energy and integrity." Think you're up to the challenge? The careers site allows you to submit a resume online. Alternately, you can apply for positions by email at careers@cimb.com, by fax at +60-3-2084-9888, or by regular mail to Group Human Resources, c/o Director of Group Corporate Resources, 10th Floor Bangunan CIMB, Damansara Heights, 50490 Kuala Lumpur, Malaysia.
192
THE STATS
Employer Type: Public Company Ticker Symbol: 600030 (SSE) Chairman: Wang Dongming Total Assets: RMB 136.7 billion (FYE 12/08) Net Income: RMB 7.3 billion No. of Employees: 11,910 No. of Offices: 166
KEY COMPETITORS
BOC International China Galaxy Securities China International Capital Corporation
DEPARTMENTS
Asset Management Proprietary Trading Securities Brokerage Securities Underwriting
EMPLOYMENT CONTACT
Email: hr@citics.com www.cs.ecitic.com/en/JoinUs.htm
THE SCOOP
World dominance
China International Trust and Investment Corporation Securities, better known as CITICS, is one of the largest investment banks in the world as measured by market capitalization. IT has four main business segments: securities brokerage, securities underwriting, proprietary trading and asset management. Each section has its own unique set of responsibilities. The securities brokerage handles corporate clients, trading equities, funds, treasury bills and corporate bonds. In the proprietary trading division, these same entities are traded for the benefit of the company. The securities underwriting division underwrites equities, convertible bonds and funds and also provides sponsorship for equities, funds and bonds. CITICS is the largest securities house in China based on total capital, with total assets of RMB 136.7 billion at the end of 2008. Besides parent company CITIC Group, CITIC Securities' main shareholder is China Life Insurance Company, which purchased 500 million shares of the company at RMB 9.29 a piece in June 2006. China Life Insurance held 12.3 percent ownership of CITIC as of mid-2009.
Sea of subsidiaries
Customized for: vinh (phamvinh@nus.edu.sg)
CITIC Securities also does business through a Hong Kong-based subsidiary, CITIC Securities International (formerly CITIC Securities Hong Kong), in which it owns an 88 percent stake. CITIC Securities International serves as a gateway to connect the larger company with overseas capital markets and has three wholly-owned subsidiaries: CITIC Securities Brokerage Hong Kong, CITIC Securities Futures Hong Kong and CITIC Securities Corporate Finance Hong Kong. Other CITIC-owned subsidiaries include: China Securities Co., Ltd., CITIC-Kington Securities Co., Ltd., CITIC Wantong Securities Co., Ltd., CITIC Securities International Company Limited, China Asset Management Co., Ltd., CITIC Fund Management Co., Ltd., CITIC Futures Co., Ltd., CITIC Private Equity Funds Management Co., Ltd., Gold Stone Investment Ltd. and S&P/CITIC Index Information Service (Beijing) Co. Limited. In total, the entire CITIC Securities network, inclusive of the parent firm and its subsidiaries, spans 185 securities brokerage branches, 43 securities service branches and eight futures brokerage branches throughout Greater China.
193
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition Citic Securities Co., Ltd.
IN THE NEWS
April 2009: IPO of the year
In April 2009, it was announced that CITICS, along with JPMorgan Chase and UBS AG, are managing the IPO of Chinese aluminum manufacturer Zhongwang Holdings. According to an article in Bloomberg, the metal manufacturer is expected to have the largest IPOs worldwide in 2009, with plans to raise HK$12.32 billion, offering approximately 1.4 billion shares in Hong Kong for HK$6.80 to HK$8.80 each.
194
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition Citic Securities Co., Ltd.
CITICS investment consulting and mutual fund business received a boost as well when it obtained government approval in June 2008 to establish an industrial investment fund management operation in Mianyang, the second-largest city in the Sichuan Province of China. The new company launched the same month with RMB 100 million in registered capital.
GETTING HIRED
Open and shut
You can check for open positions by going to the Join Us link on CITICS' website (at the time of writing, there were no openings, but the firm recommends returning to the site later or sending a CV to hr@citics.com).
Visit Vault at www.vault.com for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.
195
THE STATS
Employer Type: Public Company Ticker Symbol: CBA (ASX) CEO & Managing Director: Ralph Norris Revenue: AU$37.61 billion (FYE 6/09) Net Income: AU$4.72 billion No. of Employees: 39,600 No. of Offices: 1,000
KEY COMPETITORS
ANZ National Australia Bank Westpac Banking
DEPARTMENTS
Agribusiness Broking Services Business Banking Corporate Financial Services Funds Management Institutional Banking and Markets Insurance Investment Services Private Client Services Retail Banking Superannuation
PLUSES
"The people are very approachable" "Great hours"
MINUSES
In Australia, "Sydney-centric" "Occasional stigma of working for a bank" this year
EMPLOYMENT CONTACT
www.commbank.com.au/careers
THE SCOOP
Brand recognition
Commonwealth Bank of Australia (CBA) is one of Australia's leading financial institutions, and the second-largest publicly listed company in Australia behind BHP Billiton. Commonwealth provides integrated financial services, including retail, business and institutional banking, funds management, agribusiness, superannuation, financial planning, insurance, and investment and broking services. Aside from CBA, the Commonwealth Bank Group owns brokerage Commonwealth Securities, fund manager Colonial First State and ASB Bank, which provides banking, investment and financial services in New Zealand.
Customized for: vinh (phamvinh@nus.edu.sg)
IWL Limited, an Australian wealth management company and online brokerage, was acquired by Commonwealth in late 2007 for AU$373 millionexpanding Commonwealth's broking business immensely. Through its CommSec division, Commonwealth controls over 50 percent of Australia's online trading market. With over 1,000 branch offices, the bank's reach extends to Europe and the Asia Pacific region as well, with significant offshore holdings in Indonesia, Fiji, China, Hong Kong and Singapore, and a presence in Japan, Vietnam and India. As one of the most recognizable brands in the Australian financial services industry, Commonwealth has the largest customer base of any Australian bank and the country's most comprehensive financial services distribution network. In June 2009, the end of the firm's fiscal year,
196
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition Commonwealth Bank Group
Commonwealth boasted over AU$620 billion in assets under managementa massive increase on the previous year, primarily due to an AU$100 billion increase in net loans.
Represented in China
Commonwealth may be one of the largest Australian lenders, but it also maintains a sizable offshore presence that continues to grow as neighboring economies flourish. In China, the bank holds a 19.9 percent stake in Hangzhou City Commercial Bank, one of the five largest commercial city banks in the mainland. The purchase was completed in 2005 and set Commonwealth back about US$78 million, an investment that has proved highly lucrative due to the expansion of the Chinese market over the past few years. The bank also has a strategic relationship with Jinan City Commercial Bank which, at the time of the 11-percent acquisition by Commonwealth in 2004, was the eighthlargest commercial city bank in China.
Visit Vault at www.vault.com for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.
197
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition Commonwealth Bank Group
IN THE NEWS
August 2009: Looking to expand in Asia
In an interview with Australian Broadcasting Corporation in August 2009, CEO Ralph Norris unveiled expansion plans for the bank throughout Asia, especially in Indonesia. "We opened our 61st branch in Indonesia last week, and we'll open another 15 branches in Indonesia before the year is out." On top of that, Commonwealth is looking to India and Vietnam for growth down the line, as Norris continued: "We've just recently received our banking license for India and last year our banking license in Vietnam. We have had a number of organic initiatives underway in parts of Asia, so we're wanting to look at any acquisitions that make sense and strengthen our business."
Ringing in the new year, Commonwealth announced in January 2009 that it would be restructuring its Premium Business Services division. Under the new structure, business banking and corporate banking services (including the Agribusiness and Private Client Services divisions) were separated from the Institutional Banking and Markets areas. On top of the restructuring, Ian Narev was announced as the new head for the business and private banking segments.
198
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition Commonwealth Bank Group
further AU$2.7 billion from bond sales. In a statement, the bank declared that it planned to capitalize on organic growth opportunities in the current market. The firm also said that it expected its balance sheet to remain strong into 2009 thanks to international banks reducing their exposure to the Australian domestic market.
GETTING HIRED
Be alert
In the Asia Pacific region outside of Australia, Commonwealth has international financial services in New Zealand, Fiji, China, Hong Kong, India, Indonesia and Vietnam. Wealth management operations span China, Hong Kong, Indonesia and Singapore as well as the United Kingdom. Meanwhile, premium business service jobs are available in global markets including Hong Kong, Beijing, Shanghai, Singapore, Tokyo and Hanoi. Commonwealth's careers page at www.commbank.com.au/careers allows candidates to search for positions. Job-seekers can also sign up on the site for job alerts, which will notify candidates by email when a position that matches their criteria is posted. Applicants can also save their information on the site for future positions.
Competitive process
After prospective candidates have completed the application form and submitted their CV, successful candidates are invited to cognitive online testing and, if candidates move on to the next stage, they are then invited to attend an "assessment day" which includes a combination of individual and team-based activities. The firm also offers a 10-week summer internship program called "SummerConnect." A recruiting schedule at universities across Australia is available from the careers page. In general, internships are viewed as important by insiders, with one reporting that almost everyone who does the summer vacation programs is hired into the graduate program. According to another source, summer internships give students a glimpse of the firm before committing to it. Additionally, it allows students to acclimatize from students to business professionals.
Customized for: vinh (phamvinh@nus.edu.sg)
Visit Vault at www.vault.com for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.
199
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition Commonwealth Bank Group
focusing on doing a good job without forgetting about their staff. Another contact explains, It is an encouraging and supportive environment, and though everyone works hard, there is socialization between all groups. Employees work hard and play hard, and one source describes Commonwealth as fair and accountable. Sources at the bank are happy to tell us that their managers are great. Managers are very happy and willing to set time aside to teach and give advice and feedback, reports an insider, while a fresh graduate agrees, saying, I have no complaints. I have been treated very well and very reasonably. They are always understanding and supporting. Its also a huge bonus that they are really nice people. Even really highup people on my floor remember my name and ask how I am doing, attests another company contact.
Flexi-hours
Part of this high satisfaction may be the hours at Commonwealth, which are described by a number of sources as very relaxed. Provided you complete all your work, the managers are not too strict on the hours, says a respondent. Another colleague explains, The hours are very flexible. One day, I had to wait at home for the removal people to drop my stuff off, and my boss was very understanding. Most employees attest to working between 40 and 50 hours a week, with hours generally running from 8 a.m. to 5 p.m. If you start earlier, you finish earlier, and if you start later, then you finish lateror you just do the hours needed to get the job done.
Banking benefits
On the whole, insiders give reasonable marks for the firms compensation structure. One source says, Its around average salary, but what they offer in terms of support, structure and career options far outweighs anything Ive heard other firms offer. This support includes feefree accounts, half-fees on credit cards and half-interest rates on credit cards, low-interest loans, interest-free loans to pay for public transport for a year and four weeks holiday a year. There is also an employee share acquisition plan for staff who have been part of the group for over a year. The graduate program is also said to offer above-average salaries compared to other graduate programs. To top that all off, insiders also tell us that the companys fridges are kept "well stocked" with fresh fruit every day.
Sailing through
Like most banks, while Commonwealth may be weaker at this time due to the global financial crisis, it is still considered to be one of the safest and most well regarded banks in the world, say sources at the firm. Morale appears to be high amongst employees at the bank; sources expect that the firm has strong capital and will ride through the economic crisis without laying off large numbers of staff. As one banker puts it, the firm has a great outlook for 2009 and beyond. We look very strong at a global level, and Im very excited about my future here, remarks a respondent.
200
THE STATS
Employer Type: Public Company Ticker Symbol: 8601 (TYO) President & CEO: Shigeharu Suzuki President, Daiwa Securities SMBC: Shin Yoshidome Net Income: JPY 9.88 billion (FYE 3/09) Total Revenue: JPY 413.93 billion No. of Employees: 15,419 No. of Offices: 146
EMPLOYMENT CONTACT
Email: recruit@daiwasmbc.co.jp www.daiwa-grp.jp/recruit (in Japanese)
THE SCOOP
From the old school
With over 100 years in business, Daiwa Securities Group is Japan's second-largest securities firm next to Nomura Holdings. Headquartered in Tokyo, the group is represented internationally with branches across Asia, Oceania, the Middle East, Europe and North America. Daiwa operates through numerous subsidiaries, offering a wide variety of financial services including retail securities, wholesale securities, asset management (both investment trust and investment advisory), research and system consulting, venture capital and private equity investment, and commercial property management. Investment banking services are primarily handled through subsidiary Daiwa Capital Markets (formerly known as Daiwa Securities SMBC), a joint venture launched in April 1999 with Japan-based Sumitomo Mitsui Financial Group (SMFG), which operates subsidiary Sumitomo Mitsui Banking Corporation (SMBC). Daiwa owns 60 percent of the venture, and Sumitomo Mitsui owns 40 percent. Through the venture, the firm operates in a number of areas including global equity products; fixed income, currency and commodities; structured finance; corporate finance; strategic advisory (M&A); IPOs; and capital markets.
Customized for: vinh (phamvinh@nus.edu.sg)
Founded in 1959, Daiwa Asset Management handles a variety of the group's asset management operations, including fund management (both in Japan and globally), equity research and management, equity trading, and fixed income and money market services. The subsidiary has overseas offices in Hong Kong, Singapore, New York and London, as well as a representative office in Shanghai.
201
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition Daiwa Securities Group
late 1920s, as numerous banks and securities firms collapsed, Fujimoto continued to thrive. In compliance with new Japanese financial regulations following the 1929 crash of the New York stock market, the firm established the Fujimoto Bill Broker & Securities Company in 1933. Underwriting and brokerage continued upon the switch. However, as Japan become engulfed in turmoil, in the midst of World War II, Fujimoto merged with Nippon Trust Bank in 1943 and switched to the moniker Daiwa Securities. In the post-war halt on securities trading on the Japanese exchanges, Daiwa survived by trading in non-defense-related securities until restrictions were lifted. Daiwa entered the investment trust business in 1951, and the business grew so large that the firm established a separate company in 1959 the Daiwa Investment Trust and Management Company (today's Daiwa Asset Management). Daiwa expanded overseas in the next few decades, opening its first international office in London in 1964. The early 1970s brought offices across Europe, as well as those in Hong Kong and Singapore. Bond sales skyrocketed, and these "samurai bonds" caused a massive amount of international interest on into the mid1980s. However, when the Japanese government deregulated capital markets in the mid-1980s, Daiwa faced stiff competition from U.S. investment banks operating in Japan. In the wake of Japan's financial deregulation in the late 1990sas well as a massive corporate racketeering scandal in 1997 which caused eight executives to resign and left Daiwa's trading activities suspended for four monthsthe company adopted a holding company structure in 1999, becoming the first listed company in Japan to do so under the new regulations. Under the new holding structure, Daiwa Securities handled retail businesses, while the firm established Daiwa Securities SMBC to handle wholesale operations. Through further restructuring, the firm announced plans to shut down a number of its overseas offices and focus on core businesses, including equities, Japanese-related international bonds, investment banking, asset securitization, and asset management.
IN THE NEWS
November 2009: Joining forces in Vietnam
Daiwa SMBC Capital and SSI Asset Management, subsidiary of Saigon Securities, combined forces to create an unlisted-share investment fund that will invest in high-growth companies in Vietnam. Daiwa SMBC and SSIAM will jointly manage the fund.
202
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition Daiwa Securities Group
(SMBC), and global financial juggernaut Goldman Sachsto acquire their 70 percent stake in Sanyo. According to the Nikkei newspaper, while the two Japanese firms initially agreed to Panasonic's offer, Goldman held out, rejecting the first two deals. However, in mid-December 2008, Goldman finally agreed to the terms on the third offer. The deal, from which the three firms received about JPY 560 billion in total from Panasonic, marks the largest acquisition in Japan's consumer electronics sector to date.
GETTING HIRED
Can you read Japanese?
Customized for: vinh (phamvinh@nus.edu.sg)
Unfortunately, Daiwa has very little English-language hiring information. If you can read Japanese, the firm's recruitment page is located at www.daiwa-grp.jp/recruit. This includes a link to career information for Daiwa Securities SMBC. Contact information for Daiwa Securities SMBC's offices in Tokyo, Osaka and Nagoya can be found in English at www.daiwasmbc.co.jp/english/company/locations.html. However, your best bet might be to send off a resume to the firm's careers address by emailing recruit@daiwasmbc.co.jp. For Daiwa Securities SMBC Hong Kong, an English-language recruitment page is available at www.daiwasmbc.com.hk/career.html. The page recommends sending your CV and a cover letter listing your "areas of interest and professional experiences" to the Head of Human Resources, Daiwa Securities SMBC Hong Kong Limited, Level 26 One Pacific Place, 88 Queensway, Hong Kong. Alternately, you can contact the HR department by phone at +852-2525-0121, by fax at +852-2848-4077, or by email at hr@daiwasmbc.com.hk.
Visit Vault at www.vault.com for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.
203
THE STATS
Employer Type: Private Company Chairman: Wang Zhiwei President: Li Jianyong Net Profit: RMB 8.18 billion (FYE 12/07) No. of Employees: 2,500 No. of Offices: 100
KEY COMPETITORS
BOC International China Galaxy Securities China Merchants Securities Guotai Junan Securities Haitong Securities Ping An Securities
DEPARTMENTS
Asset Management Bond Underwriting Brokerage Equity Underwriting Financial Consulting Investment Banking International Finance Mergers & Acquisitions Research & Consulting
EMPLOYMENT CONTACT
info@gf.com.cn
THE SCOOP
Good times for Guangfa
Guangfa Securities (commonly known as GF Securities) had its best year ever in 2007, as waves of IPO frenzy took over the Chinese market. Securities traders in China earned a whopping RMB 79.36 billion in net profits overall, and GF Securities topped them all with a net profit of RMB 8.18 billion. The profits represented an astounding 373 percent rise over the same period in 2006, and no securities traders in the country suffered losses throughout the year. However, with prosperity comes competition. As it looks to the future, GF Securities finds itself vying for contracts with international heavyweights such as UBS and Goldman Sachs. Headquartered in Guangzhou, GF Securities is the fifth-largest brokerage in China. The firm's main businesses include underwriting, mergers and acquisitions (M&A), brokerage, proprietary trading and asset management. In 2003, the firm launched a fund management subsidiary called GF Fund Management with a capitalization of RMB 100 million. The Securities Association of China has consistently ranked GF Securities in its top 10 firms since the company's incorporation in 1994.
IN THE NEWS
Customized for: vinh (phamvinh@nus.edu.sg)
204
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition GF Securities (Guangfa Securities)
Chinese stock markets have developed quite a reputation for widespread insider trading over the years, and regulators are forging ahead in trying to curb this practice. A China Securities Regulatory Committee (CSRC) official remarked, "Chinas market is an emerging and a transitional market and so it has more irregularities than a developed market."
Visit Vault at www.vault.com for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.
205
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition GF Securities (Guangfa Securities)
GETTING HIRED
Create your own luck
The firm's main English site at www.gf.com.cn/eng/index.htm provides no information on careers and doesn't appear to have been updated since 2003. However, that doesn't mean there's no way to pass on your information to the company to get a possible shot at a job. You could try sending an email with a cover letter and resume to the firm's general address: info@gf.com.cn. If that fails, you might have better luck checking out the "subsidiaries and branches" link on the site, which has contact information for offices throughout China that might be hiring.
206
THE STATS
Employer Type: Private Company Chairman: Zhu Youyi President and Vice Chairman: Chen Geng No. of Employees: 3,554 No. of Offices: 141
KEY COMPETITORS
BOC International China Galaxy Securities China Merchants Securities GF Securities Haitong Securities Ping An Securities
DEPARTMENTS
Corporate Finance/M&A Asset Management Futures/Options Margin Trading/Securities Lending Fixed Income Securities Derivatives Research & Development Retail Brokerage Securities Dealing Sales & Trading International Business
EMPLOYMENT CONTACT
"Jobs" link at www.gtja.com.hk/english
THE SCOOP
Secure securities
Guotai Junan Securities (sometimes referred to as Guotai Jun'an or GTJA) is one of the top three domestic security houses in China. Based in Shanghai, the firm was officially formed in 1999 through the merger of Guotai Securities and J&A Securities, who were operating smaller businesses before the financial boom hit China. Today, Guotai Junan has considerable clout in the ever-growing Chinese market, with registered capital of RMB 4.7 billion, three subsidiaries and 141 offices spread throughout China as well as in Hong Kong. Guotai Junan's corporate finance services are extensive. They include equity financing, bond financing, mergers and acquisitions (M&A), asset securitization, strategic investments, derivatives design and subscription, and private placement services. The fixed income securitization branch of the bank covers underwriting, trading, investment of treasury bonds, central bank notes, policy financial bonds, common financial bonds, subordinating bonds, short-term financing bonds, and asset securitization. Its asset management business is handled through a subsidiary, Guotai Junan Allianz Fund Managementa collaboration between Guotai Junan and German firm Allianz Group. The first Sino-foreign fund management joint venture in China, Guotai Junan Allianz Fund Management has been operating since October 2002. Futures and options trading are handled through another subsidiary, Guotai Junan Futures.
207
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition Guotai Junan Securities Co., Ltd.
year before. In the China rankings for M&A financial advisory, Guotai Junan ranked No. 20 with a value of US$1.7 billion, approximately 26 percent of the market share. In both rank and value, this represents a huge jump from 2006, when the firm was No. 38 on the table and earned only US$207 million. Over the past years, GTJA has gained a solid reputation for creditability, professional skills, innovative spirit and satisfactory services. GTJA was appraised as the most competent securities firm in terms of comprehensive competitive power in China by authoritative mass media in 2001. In 2004, GTJA topped the list of China's 500 Most Valuable Brands (sponsored by World Brand Lab and World Economic Forum) for her RMB 4.9 billion goodwill value. In early 2005, GTJA was one of the first securities companies granted the license of innovative businesses by China Securities Regulatory Commission. GTJA won Grand Prize for Securities Firms (by 21st Century Business Herald) in 2006, and won it again in 2007, plus other prizes of Best Broker, Best Securities Dealer, Best Innovator, Best Bond Underwriter and Best Derivatives Arbitrager (by 21st Century Business Herald), and plus Best Brand Value (by China CBN) in 2007.
IN THE NEWS
February 2009: Nice compensation in a rough year
RMB 3.2 billion. That's how much 3,200 Guotai Junan employees were paid during 2008, according to an internal report by Chen Geng, the firm's president, published in China's National Business Daily in February 2009. (For the non-mathematical, that's RMB 1 million per employee.) This figure came as a shock to most, even the firm's employees, in a year when the Shanghai Composite Index dropped about 65 percent, and securities firms have reportedly been making pay cuts and laying off staff. The Guotai Junan payroll figure is more than double that of China Merchants Securities (RMB 1.55 billion) or Guosen Securities (RMB 1.25 billion), and about 20 times larger than Huatai Securities (RMB 175 million) or Ping An Securities (RMB 159 million), all of which are major brokers in China. As the report spread like wildfire through the media, Guotai Junan posted a statement on its web site in response, explaining that the newspaper's figures were just plain wrong. "The RMB 3.2 billion payroll consists of accumulated surpluses from previous years, accrued salaries, and salaries payable in 2008." A week after the initial report, the firm released figures that its compensation costs had actually dropped by 44 percent in 2008 compared to the previous yearmaking it RMB 800 million, a shockingly drastic cut from the original RMB 3.2 billion figure. Whatever the actual figure (RMB 3.2 billion or RMB 800 million), the firm still plans to hand out RMB 250 million in "deferred compensation" or bonuses after April 2009.
It was widely expected that Guotai Junan would look to an IPO in 2008, as the firm's chairman, Chen Geng, stated that preparations were ongoing in 2007. However, things changed, and the firm said it probably wouldn't be looking at a launch in mid-2008. The timetable and exchange for the IPO are also still up in the air. Explaining the about-face, Zheng Huirong, the chairman of Guotai Junan's supervisory committee, remarked, "It's rather difficult for us to launch the IPO this year because of possible changes in our company structure." Zheng was most likely referring to the possible unloading of state-run Central Huijin Investment's 21.3 percent stake in Guotai Junan. Central Huijin Investment has a three-year agreement, which lapses as of the start of 2009.
208
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition Guotai Junan Securities Co., Ltd.
GETTING HIRED
Put yourself out there
Career information is scarce for Guotai Junan, as there are no hiring links on their main English web site. However, the "Jobs" link at the bottom of Guotai Junan's Hong Kong site at www.gtja.com.hk/english provides a list of current open positions. For a position such as a senior analyst in Shenzhen, the firm is looking for someone with the proper background in addition to an "ability and willingness to work under tight deadlines." It also doesn't hurt to have "a general understanding of economics and stock markets," a familiarity with "certain industrial sectors" and proficiency in English as well as Mandarin. Only one email contact seems to be provided for job postings: larry.jiang@gtjas.com.hk.
Visit Vault at www.vault.com for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.
209
THE STATS
Employer Type: Public Company Ticker Symbol: 600837 (SSE) Chairman: Wang Kaiguo General Manager & Director: Li Mingshang Net Income: RMB 5.46 billion (FYE 12/07) No. of Employees: 3,786 No. of Offices: 124
KEY COMPETITORS
BOC International China Galaxy Securities China Merchants Securities GF Securities Guotai Junan Securities Ping An Securities
DEPARTMENTS
Asset Management Corporate Finance/M&A Investment Banking International Business Research Stocks & Futures Brokerage
EMPLOYMENT CONTACT
www.htsec.com/htsec/Channel/3403
THE SCOOP
Coming in through the backdoor
Haitong Securities is one of China's earliest domestic brokerages, with a history stretching back to 1988, and is the second-largest behind CITIC Securities. In July 2007, it became the first mainland Chinese brokerage to successfully enter the stock market via a technique commonly referred to as "backdoor listing." Haitong was able to skirt Chinese government regulations by merging with Shanghai Urban AgroBusiness, changing the name of the company to Haitong Securities and launching its IPO on the Shanghai stock market. As Haitong was unable to comply with the rule that securities firms need to have three consecutive profitable years to go public, the backdoor move was considered a necessary fundraising measure in order to compete with international firms entering into the securities business in China. The backdoor listing has made Haitong the ninth-largest securities company in the world. Haitong serves approximately 2 million people in mainland China through its 124 domestic branches. The firm provides securities underwriting, brokerage, trading, investment advisory, research, and investment fund and asset management services to its clients. It also provides an outlet for the sales and purchase of securities, agency of debt service and dividend distribution of securities, custody and authentication of securities, agency of registration and accounts opening, and proprietary trading of securities. In July 2007, Haitong got approval from the China Securities Regulatory Commission (CSRC) to expand its company into Hong Kong, giving the company new access to the international financial world. The new company has been started with capital of HK$100 million and is named Haitong (Hong Kong) Financial Holdings.
210
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition Haitong Securities Co., Ltd.
IN THE NEWS
November 2009: Buying Taifook
Haitong Securities announced that its Hong Kong-based unit will purchase a 53 percent stake in Taifook Securities Group Limited. Haitong will pay NWS Holdings Ltd. (Taifook Securities parent company) HK$1.82 billion for the stake. The deal closed in December 2009.)
Visit Vault at www.vault.com for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.
211
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition Haitong Securities Co., Ltd.
GETTING HIRED
Not much to go on
Haitong's main web site at www.htsec.com is only in Simplified Chinese, with no English links in sight and no clear contact information, so definitely brush up on your Chinese-language skills. There's a recruitment page in Simplified Chinese available at www.htsec.com/htsec/Channel/3403. You could also try addressing an email to the firm's human resources (HR) department at info@htsec.com. Fortis Haitong Investment Management has an English page at www.hftfund.com, but doesn't have a hiring page either. You could potentially send your resume to the address listed, but a better idea might be to email hr@hftfund.com for more information before blindly sending anything.
212
THE STATS
Employer Type: Public Company Ticker Symbol: 086790 (KRX) Chairman & CEO: Seung-Yu Kim Operating Income: KRW 3,468.8 billion (FYE 12/08) Net Income: KRW 483.4 billion No. of Employees: 12,860 No. of Offices: 755
KEY COMPETITORS
Kookmin Bank Shinhan Financial Woori Finance Holdings
DEPARTMENTS
Asset Management Corporate & Investment Banking Corporate Planning Personal & Commercial Banking
EMPLOYMENT CONTACT
Email: hana_recruiting@hanafn.com www.hanafn.com/pr/prcenter/talent.jsp (Korean-language only) "Job openings" at ww.hanafn.com/eng/main/ir_main.jsp
THE SCOOP
Hana is one
Korea's fourth-largest financial institution, Hana Financial Group (HFG, or Hana) has its roots in the country's rapid economic development during the early 1970s, and was initially established as Korea Investment Finance Corporation. However, the modern-day Hana Financial Group was formed in December 2005. Its flagship subsidiary remains Hana Bank, but the group integration brought a number of other affiliates under one roof. These now include Hana Investment Bank (formerly Hana Securities, but renamed in 2007), Hana Life Insurance, Hana Capital, Hana I&S, Hana Institute of Finance, Hana Daetoo Securities (formerly Daehan Investment and Securities), Daehan Investment Trust Management, and Qingdao International Bank. Temasek Holdings, Singapore's government-run sovereign wealth fund (SWF), has held a stake in Hana since 2004, and owns 10 percent as of 2008. The private equity arm of Goldman Sachs also purchased a 9.4 percent stake in Hana in late 2005 prior to relisting on the Korean stock exchange, currently making Temasek and Goldman the two largest overseas shareholders. German insurer Allianz was also a large shareholder for several years, but ultimately sold off its remaining stake in mid-2007. Hana Financial Group also operates two high-profile joint venturesUBS Hana Asset Management, a venture with Swiss financial giant UBS in which Hana controls 49 percent, and Hana HSBC Life Insurance, a 50-50 venture with U.K.-based HSBC. Most competitive in personal banking in Korea, Hana also handles a number of non-banking businesses, including securities, consumer finance and life insurance. In February 2008, the group reorganized into three distinct business units: Personal & Commercial Banking, Corporate & Investment Banking, and Asset Management. The group also handles a number of consulting and strategy services through its Corporate Planning unit.
213
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition Hana Financial Group Inc.
Hana (meaning "one") has set a target for the end of 2009: to maintain its position in the ranks of the world's top 100 financial institutions, with a further vision of skyrocketing into the top 50 by 2015, placing it on a scale with global banks. Hana Financial Group ranked No. 553 on the Forbes Global 2000 list, placing it behind Kookmin Bank, Shinhan Financial and Woori Finance Holdings.
An international affair
On the urging of William Diamond, serving as the director of the Development Finance Division of the World Bank's International Bank for Reconstruction and Development (IBRD) in the late 1960s, Korea began looking into ways to grow its capital market. In 1971, Korea Investment and Finance was incorporated through the efforts of the Ministry of Finance & Economy, Bank of Korea, and Korea Development Financing. The World Bank's International Finance Corporation (IFC) took a stake, and following government approval in 1972, Korea Investment and Finance got its start as a short-term finance company with a staff of about 100. Expanding its services, the firm obtained its securities license in 1977 under an amended Securities Exchange Act. Head offices were moved to the Euljiro financial district of Seoul in 1985. It wasn't until the early 1990s that things really started, as the institution was reincorporated as a banking institution and Hana Bank opened its doors in 1991. Quickly spreading its wings upon establishment, Hana Bank expanded into Hong Kong in 1995, opening an office as an independent local corporation. In the following year, the firm also went public on the London Stock Exchange. It wasn't until 2000 that Hana Bank opened its first international branch in Singapore, making it the first Korean bank to open its doors in the city-state. Also in 2000, the firm was granted approval to open a branch in Shanghai.
Making it big
Things began changing rapidly for Hana Bank in the late 1990s. After executing a purchasing and assumption transaction (P&A) for Chungcheon Bank in 1998 and a major merger with Boram Bank in 1999, Hana Bank expanded its Korean operations. Another mega-buyout in 2002, with then government-owned Seoul Bank, further bolstered Hana Bank's position in the Korean market. Seoul Bank (or SeoulBank) had collapsed amidst a mountain of debt after the 1997 economic crisis. The bank had then been nationalized through a 1998 bailout by the International Monetary Fund (IMF) and had gone through negotiations with a string of potential foreign suitors (including HSBC and Deutsche Bank's DB Capital Partners) before ending up in Hana's hands. After the 2002 merger, Hana Bank was relaunched, making it Korea's third-largest financial institution. Post-relaunch, the firm began branching out into other businesses. In 2003, Hana Life Insurance was incorporated. The following year, Hana Bank took over Daehan Investment and Securities in the lead-up to the 2005 formation of the Hana Financial Group.
214
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition Hana Financial Group Inc.
IN THE NEWS
March 2009: Topping the charts
Continuing its reign at the top, Hana Bank was selected as the Best Private Bank in Koreafor the fifth year in a rowby Euromoney magazine. Results were collected through the publication's annual Private Banking Survey, and the top spot worldwide went to Swiss bank UBS.
After chasing a 37.5 percent stake in U.S.-based Commonwealth Business Bank for over a year, Hana was eventually rejected by the U.S. Federal Reserve. The primarily Korean-American-run Commonwealth Business Bank is headquartered in Los Angeles, home to one of Korea's largest overseas populations. President and CEO Wun Hwa (Jack) Choi of Commonwealth Business Bank explained the Federal Reserve's rejection, stating, "It is important for shareholders to understand that the delays in Federal Reserve Board approval relate to laws and regulations governing foreign ownership of United States banks and certain bank holding company status issues."
Visit Vault at www.vault.com for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.
215
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition Hana Financial Group Inc.
216
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition Hana Financial Group Inc.
GETTING HIRED
One thing you'll probably need: Korean skills
Though Hana Financial has global ambitions by 2015, one thing it doesn't have is a centralized careers page in English. There are a handful of general job listings, which can be accessed by choosing the "English" link on www.hanafn.com, and then clicking the "Job Openings for Overseas Professionals" link in the middle of the main page. This link outlines general duties and requirements for current openings in areas such as retail banking marketing at Hana Bank, mergers and acquisitions (M&A) at Hana Daetoo, and others. Interested applicants can send a resume by email to hana_recruiting@hanafn.com. Though only in Korean, Hana does feature some career information on the main Hana Financial site, as well as on each subsidiary's web site. One piece of info that's available concerns the firm's Career Development Program, a rotational program for grads. Departments include retail banking, capital markets, IB, insurance and policy. Rotations in the program take participants through personal finance, commercial finance, asset management, risk management, treasury and investment banking. Also take note that, like many Korean web sites, most of Hana's sites are ActiveX-enabled, so they require Internet Explorer (or Netscape!). Using Firefox or other browsers often won't get you where you need to go.
Visit Vault at www.vault.com for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.
217
THE STATS
Employer Type: Member bank of HSBC Group Vice-Chairman & CEO: Margaret Leung No. of Employees: 9,700
EMPLOYMENT CONTACT
www.hangseng.com/hsb/eng/abo/co/home/index.html
DEPARTMENTS
Commercial Banking Corporate Banking Personal Wealth Management Private Banking Treasury Services
THE SCOOP
Money tree
Hang Seng Bank, whose name translates literally to ever-growing in English, has flourished since its humble beginnings as a small Hong Kong money-changing shop in 1933 to become the largest locally incorporated bank by market capitalization. The bank has 9,700 employees and operates 210 service outlets, including branches and ATMs in its home base of Hong Kong alone. Hang Seng Bank (China) was established as a subsidiary in May 2007 geared toward serving customers in Mainland China, and currently has 32 outposts in key locations such as Beijing, Shanghai, Guangzhou, Shenzhen and Hangzhou, among others. In addition, Hang Seng also has branches in Macau, a representative office in Taipei, and operations in Singapore. Hang Seng offers personal wealth management, commercial banking, corporate banking, treasury services and private banking. A member of the globe-spanning financial institution Hongkong and Shanghai Banking (HSBC) Group since 1965, Hang Seng reaches investors in the U.S. through its Sponsored Level-I American Depository Receipts Programme.
Big listings
The late 1960s proved to be a watershed time for Hang Seng, with several crucial developments in the expansion of its brand occurring during this period. In 1965, HSBC purchased a 51 percent majority stake in Hang Seng, after which the bank pioneered the launch of seven-year residential mortgages in Hong Kong in 1967. This was followed up by an even more defining moment: when the Hang Seng Index was established in 1969 as a public service stock market indicator for Hong Kong. Today, the index remains the primary gauge of the stock market in Hong Kong and is watched and analyzed around the globe. After a half decade of major breakthroughs, Hang Sengs vibrant period of growth culminated in its 1972 public listing on the Hong Kong Stock Exchange. Its IPO was oversubscribed by almost 29 times, and raised approximately HK$2.8 billion, which was close to half of the Hong Kong governments revenue in 1971. For the remainder of the 20th century, Hang Seng focused on expanding its accessibility to the public in Hong
218
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition Hang Seng Bank (China) Limited
Kong. Perhaps most notably, the bank was granted permission to operate branches within local subway stations in 1981, furthering its reach to customers.
Northward Bound
With its feet firmly planted in the Hong Kong banking industry, Hang Seng eventually began to shift its attention to the mainland Chinese banking sector, which gradually began opening to outside investment in latter half of the 20th century. In 1995, two years prior to Hong Kongs handover from British rule to Chinese rule in 1997, Hang Seng opened a single branch beyond Hong Kongs borders in the neighboring city of Shenzhen in mainland China. Not long after the 1997 reunification, the bank was granted approval to set up shop in Shanghai, a financial hub firmly entrenched in the infrastructure of Chinas urban landscape. Since first venturing into the mainland, Hang Seng now provides a diverse range of services between China and the outside world, including offering foreign currency services and handling Renminbi transactions for foreign nationals.
IN THE NEWS
August 2009: Changes at the top
Hang Seng announced several changes to its board of directors. Dorothy Lit, who had been nominated as the firms CEO, was named a nonexecutive director, and William Leungmanager, personal financial services and wealth management at Hang Sengwas named executive director and head of personal banking. Additionally, there were two significant resignations: Joseph Poon, managing director and deputy CEO; and CFO Edgar Ancona, who left the firm to become CFO at HSBC North America Holdings Inc.
Visit Vault at www.vault.com for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.
219
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition Hang Seng Bank (China) Limited
GETTING HIRED
Hang 10 at Hang Seng
Hang Seng runs an extensive careers site that includes information about the bank's various divisions, benefits and training programs; it also lists current vacancies and links to a downloadable application form. All new employees with the company attend a rigorous training program in which they learn about the history, culture and values of the bank. Hang Seng also offers continuing education courses for employees (including night classes, so workers can fit the training into the work schedules). Courses range in topic from language classes to professional development. The bank also grants some staff education awards that go toward the attainment of MBA or bachelor's degrees in relevant fields.
Developing potential
Hang Seng has a detailed management trainee program for new graduates looking to work in the banking sector. The Hong Kong-based program lasts three years, during which trainees rotate through different divisions and are able to participate in special opportunities such as a month-long overseas training session in the U.K. Info on how to apply, as well as further details of the program, can be found at www.hangseng.com/hsb/eng/abo/co/mtp/index.html. For those interested in working for Hang Seng in Mainland China, the bank also operates a management trainee program there. Information about the program can be found at www.hangseng.com.cn/1/2/about-us/career-opportunities/mainland-trainee.
220
THE STATS
Employer Type: Public Company Ticker Symbol: 500180 (BSE), HDB (NYSE) Non-Executive Chairman: Jagdish Capoor Managing Director: Aditya Puri Total Income: INR 196 billion (FYE 3/09) Net Profit: INR 22.2 billion No. of Employees: 52,687 No. of Offices: 1,506
LOCATIONS IN INDIA
Bangalore Chennai Delhi Kolkata Mumbai Other major cities in India
KEY COMPETITORS
ICICI Bank Kotak Mahindra Capital Company State Bank of India
BUSINESSES
Retail Banking Treasury Services Wholesale Banking
EMPLOYMENT CONTACT
www.hdfcbank.com/aboutus/careers/default.htm
THE SCOOP
Housing works
Founded by H.T. Parekh and incorporated in 1977, the Housing Development Finance Company (HDFC) initially aimed to provide long-term financing for home ownership. Fortune smiled on the company in the early 1990s as the Indian economy went through one of its lowest phasesforeign exchange reserves were down to US$975 million and inflation was at a whopping 16 percent. In a historic act, the Indian government decided to allow private investors into most sectors. Sensing the urgency, India's centralized Reserve Bank of India (RBI) threw open the banking sector to private players as well. HDFC seized the opportunity. It was the first firm to apply and get RBI approval, setting up a commercial bank in 1994 and renaming the company HDFC Bank. The bank went public in 1995, raising INR 500 million through its IPO. In 1999, HDFC became the first bank to introduce international debit cards in India, and in 2000, it was the first bank in India to introduce SMS-based mobile banking. Another major milestone came in February 2000, when HDFC acquired private-sector bank Times Bank Limited for INR 2.3 billion (US$53.89 million), expanding its geographic reach and customer base throughout India. As operations increased, HDFC headed abroad and was listed on the New York Stock Exchange on July 1, 2001, raising INR 7.1 billion (US$166.3 million). In 2001, HDFC also became the first private-sector bank authorized to collect income tax on behalf of the Indian central government.
Order of operations
Today, HDFC is the third-largest bank by market value in India, coming just behind the private-sector bank ICICI and the government-run State Bank of India. HDFC has over 15 million customers, and operates 1,506 branches and 3,573 ATMs in 635 cities across India.
221
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition HDFC Bank Ltd.
HDFCs operations are split into three main divisions: wholesale banking services, retail banking services, and treasury services. In the wholesale banking capital division, the firm provides working capital finance services, trade services, transactions services, and cash management for small and mid-sized corporations as well as blue-chip manufacturing companies in India. The retail banking arm offers traditional banking services to individual consumers. It also includes the HDFC Bank Preferred program, which caters to high net-worth individuals. The treasury division is responsible for foreign exchange services, derivatives, local currency money market and debt securities, and equities.
IN THE NEWS
August 2009: License to bank in HK
HDFC was granted a banking license by the Hong Kong Monetary Authority. The approval brought the total number of banks licensed to do business in Hong Kong to 146.
222
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition HDFC Bank Ltd.
GETTING HIRED
Passion required
At HDFC's careers page (www.hdfcbank.com/aboutus/careers/career.htm) you can search for vacancies by location and department. Positions are separated by function into retail liabilities, retails assets, wholesale banking and support functions. If candidates cannot find a position that matches their profile, they can submit an application online for regular openings, a broader category that includes positions such as branch head-retail branch banking and relationship manager-retail branch banking.
Visit Vault at www.vault.com for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.
223
THE STATS
Employer Type: Public Company Ticker Symbol: 003450 (KRX) President & CEO: Gyeong Su Choi Revenue: KRW 1.93 trillion (FYE 3/09) Net Income: KRW 121.6 billion No. of Employees: 2,454 No. of Offices: 147
KEY COMPETITORS
Korea Development Bank Samsung Securities
THE SCOOP
No, you first
South Korea's Hyundai Securities takes its customer-prioritizing motto"You First"very seriously; it even became the address of the bank's web site. Founded in 1962, Hyundai Securities offers comprehensive wealth management, brokerage, corporate financial services and research. Its network in South Korea includes 140 offices, plus seven several overseas locations that are operated through international subsidiaries. For many years Hyundai Securities was part of Hyundai, one of the massive South Korean conglomerates (known in Korean as "chaebol") that was founded in 1947 by Chung Ju-yung and his brothers. Initially, Hyundai was a simple construction company, but it soon expanded into other industries, eventually becoming the largest chaebol in South Korea. In the wake of the 1997 Asian financial crisis, many Hyundai businesses were spun off, including the Hyundai Automotive Group, the Hyundai Heavy Industries Group and the Hyundai Group.
Customized for: vinh (phamvinh@nus.edu.sg)
Chung Ju-yung's death in 2001 led to further restructuring and the Hyundai Group's companies continued to be split apart. A year earlier, a consortium led by U.S.-based insurance giant American International Group (AIG) made a US$800 million bid for Hyundai Securities, Hyundai Investment Trust and Securities and Hyundai Investment Trust Management. After lengthy negotiations that lasted more than a year, the deal ground to a halt, sidelined by the consortium's alleged undervaluing of Hyundai Securities and U.S. concerns about South Korea's openness toward foreign investment.
224
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition Hyundai Securities Co., Ltd.
financing, corporate real estate brokerage, project financing and IPOs. Its wealth management services include several types of funds and bonds, derivatives, trust and corporate pensions and integrated wealth management, including cash management accounts. Hyundai Securities also provides brokerage services like futures options brokerage, stock brokerage, overseas marketable securities brokerage and underwriting and equity-linked warrant (ELW) brokerage and issuance. Hyundai Securities Europe Ltd. works with European companies and South Korean companies based in Europe, while Hyundai Securities America Inc. provides underwriting, dealing and brokering of South Korean stocks and bonds. It also provides corporate financial services and works with U.S.-based institutional investors who wish to invest in South Korean companies. Finally, Hyundai Securities Asia Ltd. works outside South Korea to offer equity and fixed income brokerage and corporate finance services in the rest of Asia. Headquartered in Seoul, Hyundai Securities is led by President and CEO Gyeong Su Choi.
Ready to grow
Hyundai Securities is on a mission to expand. By 2010, the bank plans to have KRW 5 trillion in equity, KRW 150 trillion in client assets and a 20 percent return on equity. In order to meet these goals, Hyundai Securities has been ramping up its infrastructure and unrolling new products in recent years. In 2006, the bank made a major change to its wealth management division when it introduced cash management accounts (CMAs); since then, Hyundai has begun offering MSN Messenger trading, online teleconference investment advisory services and two-way communication TV teleconference trading services. It has also invested heavily in IT infrastructure, investing KRW 8.9 billion in 2006-07 and setting aside an additional KRW 40 billion to build a new online system.
IN THE NEWS
February 2009: Industry restructure could spell bonanza for Hyundai
South Koreas Capital Market Consolidation Act (CMCA) took effect, intended by the government to develop world-class investment banks in the country. By creating more brokerages and financial service offerings in South Korea, the government hopes to build the nation into a financial powerhouse. When the CMCA was announced, several global and South Korean companies applied for government permits to form brokerage or asset management businesses; while earlier, tough state regulations kept many firms from setting up shop. Under the CMCA, securities firms must either be subsidiaries of local conglomerates, such as Hyundai Securities, or of banks.
GETTING HIRED
Korean speakers wanted
Want to work for Hyundai Securities? If you're not fluent in Korean, you will be hard-pressed to find hiring information. However, if you can read Korean, the "company introduction" link at the top of www.youfirst.co.kr features a career area with job postings, a breakdown of departments, employee testimonials and a message board.
Visit Vault at www.vault.com for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.
225
THE STATS
Employer Type: Public Company Ticker Symbol: IBN (NYSE), 532174 (BSE) Managing Director & CEO: Chanda Kochhar Net Interest Income: INR 83.67 billion (FYE 3/09) Net Profit: INR 37.58 billion No. of Employees: 73,362 (Worldwide) No. of Offices: 1,568
KEY COMPETITORS
HDFC Bank Kotak Mahindra Capital Company State Bank of India
BUSINESSES
Government Banking International Banking Retail Banking Rural, Micro-Banking and Agribusiness Wholesale Banking
EMPLOYMENT CONTACT
www.icicicareers.com
THE SCOOP
The mission expands
The Industrial Credit and Investment Corporation of India (ICICI) was formed by the World Bank, the Indian government and representatives from several Indian industries in 1955 with the goal of creating a financial institution that could provide project financing for Indian businesses. By the 1990s, ICICI had outgrown its original mission, offering diversified financial services to customers and clients around the world. ICICI Bank was originally a subsidiary of ICICI Limited, an Indian financial institution. In 1998, ICICI Ltd. began reducing its stake in the bank to 46 percent. The reduction began with a public offering of shares in India, which led to a listing of American depository receipts (ADRs) on the New York Stock Exchange in 2000. In 2001, ICICI Bank merged with the Bank of Madura. Additional stock sales in ICICI Bank were held in 2001 and 2002. Finally, ICICI Ltd. and ICICI Bank decided to merge, combining the group's financing and banking operations into a single organization. This transaction was completed in April 2002. With total assets of INR 3.66 trillion (US$76 billion) worldwide as of September 30, 2009, ICICI Bank is India's second-largest bank. It has approximately 1,568 offices and 4,883 ATMs in India, plus international operations in 18 countries and territories, including Hong Kong, Singapore and Sri Lanka, as well as representative offices in Mainland China, Indonesia, Malaysia and Thailand. ICICI Bank offers a full range of banking products and financial services, including corporate banking, retail banking, investment banking, insurance, venture capital and asset management.
226
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition ICICI Bank Limited
insurance subsidiaries are ICICI Prudential Life Insurance and ICICI Lombard General Insurance. Finally, ICICI Prudential Asset Management offers asset management products and services to corporate clients. The firm focuses on five core business: retail banking, wholesale banking, international banking, government banking, and rural micro-banking and agribusiness. The company also possesses a small private banking division. The retail banking group is India's largest provider of retail credit, with more than 25 million customer accounts. The banks retail network nearly doubled from 2007 to 2009, increasing from 755 branches to nearly 1,600 branches. The retail division also includes ICICI's SME (small-and-medium-sized enterprises) group. The wholesale banking group serves large and medium-sized corporate clients, offering credit and treasury products, project finance, investment banking, structured finance and transaction services. In 2007, the corporate banking business was reorganized into two groups: Global Clients, which works with multinational corporations and corporations developing international investments; and Major Clients, which handles the firm's other corporate banking business. ICICI's investment banking group is closely integrated with both Global Clients and Major Clients. ICICI's Banks rural banking efforts are managed by the rural, micro-banking and agri-business group, which offers microfinance, agricultural banking, and other products and services aimed at India's rural population. ICICI Bank offers crop loans, equipment financing, capital loans, savings, investment and insurance products though this division. By collaborating with micro finance institutions, ICICI Bank developed a rural customer base of approximately 3.5 million by 2009. In an effort to further improve credit penetration to customers based in rural areas, the bank launched the KamdhenuCattle Loans Campaign in 2009. The international banking group oversees ICICI Banks operations outside of India, providing international trade finance and correspondent banking. The division also offers banking for non-resident Indians (NRIs). ICICI Bank offers a broad range of NRI products and services, and as of March 2009, the bank had more than 500,000 NRI customers. In 2009, ICICI Bank consolidated its private banking business across India and abroad for high-net worth clients, launching the ICICI Group Global Clients segment, which offers exclusive wealth management services to about 20,000 customers globally.
IN THE NEWS
Customized for: vinh (phamvinh@nus.edu.sg)
Visit Vault at www.vault.com for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.
227
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition ICICI Bank Limited
GETTING HIRED
Join the fray
ICICI Banks careers site can be found at www.icicicareers.com/index.htm, where job seekers can browse current openings, check out the qualifications required and descriptions of listed positions, or create a profile for the bank's "talent database." Interested candidates can also apply for positions online. The firm also has a campus recruitment section on its site, which mostly targets business school graduates for its management programs. The bank details the selection process, which involves several ability and personality tests in addition to the standard application. Test results are posted directly on ICICI Banks site for applicants register a resume code with their application. (Dont worry: results are kept private.)
While ICICI Bank continues to recruit at top business schools, it has systems in place to help make sure its executives come from within. Each year, roughly 12 executive spots open at ICICI Bank and its subsidiaries. Formal promotion systems at the bank aren't just based on standardized performance reports. Former CEO Kamath put a "star system" in place for the bank's top performers, who forfeit bonuses for faster advancement. A group of 2,000 managers across the group are organized into a special leadership pool, receiving 360-degree reviews and analyses by the HR department. All managers in the leadership poolfrom managing directors on downmust go through the same process.
228
THE STATS
Employer Type: Public Company Ticker Symbol: 601398 (SSE), 1398 (HKSE) Chairman & Executive Director: Yang Kaisheng Revenue: US$100.06 billion Net Income: US$35.27 billion (FYE 12/08) No. of Employees: 385,609 No. of Offices: 17,826 (including correspondent banks worldwide)
KEY COMPETITORS
Agricultural Bank of China Bank of China China Construction Bank
BUSINESSES
Bank Card Corporate Banking E-Banking Personal Banking
EMPLOYMENT CONTACT
www.icbc-ltd.com/icbcltd/career/join%20us/ www.icbcasia.com/eng/about/career/career.shtml
THE SCOOP
From advisory to Peony
The Industrial and Commercial Bank of China (ICBC) was founded in 1984 as a limited company owned by the Chinese government, and wholly restructured as a joint-stock limited company in October 2005 before listing itself on both the Shanghai and Hong Kong stock exchange the following year. Through its business lines and subsidiaries, ICBC offers a full range of banking and financial services. The bank is broken down into four core business lines: personal banking, corporate banking, e-banking and bank cards. Personal banking includes loans, deposits, e-banking, investment and financing. Corporate banking includes services for small- and mid-sized enterprises (SMEs), institutional banking, asset custody, corporate e-banking, investment banking, clearing and settlement services, trading, financing, international trade financing, foreign exchange services, loans and corporate deposits. E-banking lets customers and clients conduct business by phone or internet, as well as providing enterprise banking services. Bank cards oversees operations for ICBC's debit and credit cards, most of which are offered under the Peony brand. ICBC maintains international branches in Asia and Europe, including branches in Hong Kong, Singapore, Macau, Tokyo, Seoul, Germany, New York, and Luxembourg. It also has relationships and affiliations with institutions in the U.K., Australia, Mexico and the U.S. Through these branches and affiliates, the bank has established varying degrees of operations in 117 countries worldwide. At the end of August 2007, ICBC broke the RMB 1 trillion barrier, becoming the first commercial bank in mainland China with over RMB 1 trillion in custodian assets. As of May 2009, the firm boasted RMB 9.75 trillion in assets, making ICBC the worlds largest bank by market value. ICBC is also the worlds most profitable bank, claiming US$35.27 billion in net income on revenue of US$100 billion for fiscal 2008 (a 35 percent net profit margin).
229
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition Industrial and Commercial Bank of China Limited
A record-breaking debut
On October 27, 2006, ICBC set two records with its initial public offering: it became the first company to list simultaneously on the Hong Kong and Shanghai stock exchanges, and its IPO ranked as the world's largest public offering at the time, breaking the previous record of US$18.4 billion held by Japanese mobile phone company NTT DoCoMo in 1998. Several international institutions made investments in ICBC in 2006. American investment bank Goldman Sachs bought a 5.75 percent stake for US$2.6 billion, and Germany's Dresdner Bank purchased a share worth US$1 billion. The American Express credit card company also invested US$200 million. ICBC's initial listings brought in US$14 billion on the Hong Kong exchange and US$5.1 billion in Shanghai, but as demand for shares of China's largest bank kept rising, additional placement options were exercised. In the end, ICBC's IPO raised nearly US$22 billion, allowing it to clear up billions of dollars owed on bad debts. In July 2007, ICBC overtook Citibank for the first time as the world's largest bank by market capitalization, clocking in at US$254 billion as Citi slipped to US$251 billion.
Venturing abroad
In 2006, ICBC bought a 90 percent stake in of PT Bank Halim Indonesia, beginning a long string of foreign acquisitions as the bank strove to expand internationally. ICBC made another significant purchase in December 2007, nabbing a 20 percent stake in South Africa's Standard Bank, the largest bank in Africa by assets. The deal, which was announced in October 2007, also opened the door for a proposed US$1 billion fund for joint investments in global mining, oil and gas projects. ICBC paid US$5.6 billion for the Standard Bank shares. Another deal closed in January 2008 when ICBC acquired 80 percent of Macau's Seng Heng Bank for US$583 million. This was ICBC's first venture into Macau, which is known as the Las Vegas of Asia for its robust gaming sector. A month later, ICBC announced that it had been granted approval by the government of Qatar to establish a branch in Doha. The office opened in October 2008, and was expected to become the first Chinese banking presence in the Persian Gulf. However, ICBC beat itself to its own game, by opening a branch in Dubai just days earlier. According to ICBC, its Doha office primarily offers wholesale banking services, with additional services in trust, asset management and financial consulting. The Dubai operation provides a full range of financial services, including asset management, consultation and trade finance. ICBC expects the two bases to form a platform that will generate accessible trade and investment between China, the UAE and other Middle Eastern countries, as well as providing a route for the banks operations in North Africa. The firm continued its global expansion in the second half of 2008, establishing an Australian subsidiary in Sydney in September, and opening its first U.S. branch in New York the following October. Both branches are expected to take advantage of the growing value of trade between the U.K. and Australian markets and mainland China. The U.S. branch engages in wholesale deposits, loans, trade financing, U.S. dollar clearing, treasury and other banking businesses. ICBCs Sydney branch, on the other hand, specializes in international settlement, trade financing, project financing and capital transaction. ICBC has also been working its way into Thailand. The firm currently owns a 49 percent stake in Thai bank ACL, and has recently shown that is hungry for more. However, ICBC is currently hindered by a Thai law that limits foreign shareholders to owning no more than 49 percent of a Thai bank. In June 2009, the firm made a plea for the Thai government to lift the shareholding cap during a proposal in Beijing. Thailands biggest lender, Bangkok Bank, owns a 19 percent stake in ACL and has agreed to sell it to ICBC pending approval from the Thai government. Bangkok Bank had originally hoped to settle the sale by the end of 2007.
230
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition Industrial and Commercial Bank of China Limited
IN THE NEWS
June 2009: First China, next, the world!
Continuing its quest to apparently conquer the global banking industry, ICBC announced its intention to purchase 70 percent of Bank of East Asias Canadian unit. The HK$567 million deal will add to a long list of overseas ventures purchased by ICBC, displaying the firms keen interest in international expansion. Funding for the Canadian unit will likely be supported by ICBC selling 75 percent stake of its stake in the Hong Kong-based joint venture ICEA Finance to Bank of East Asia. At the time the sale was announced, ICBC owned 25 percent of the joint venture and was expected to net HK$372 million from its sale.
GETTING HIRED
Develop Yourself
ICBCs main career page at www.icbc-ltd.com/icbcltd/career/join_us/ contains information on the banks working environment and human resource philosophy. ICBC promotes the idea that outstanding work performance will be met with high rewards. Employee development is emphasized, and, according to material on the career site, the bank strives to provide clear channels for career progression and evaluation. Employees at ICBC are able to attend a multitude of internal training courses that are tailored to fit workers across the career chain. A vocational training program allows employees to develop their industry knowledge and skills across three levels that include company fundamentals, professional competence and job operational skills, as well as personal development in fields such as language and organizational skills. New recruits out of school are able to enroll in the Employee Job Operation Training Program. The program aims to help new employees quickly master the skills required for their position and transform from a university student to an ICBC employee. New recruits can also benefit from the High-Level Financial Professional Training Program that aims to develop and train select employees in specialized fields. The Vocational Qualification and Certification Training Program is tailored to all ICBC employees and provides clear definitions for job goals and requirements. The program is currently in a testing stage, but will soon be provided to all ICBC employees as a means of career development. Furthermore, ICBC boats an extensive internet learning platform available to employees. Launched in 2002, it has fast become the top internet university among ICBC peers in Chinas domestic financial sector. The system provides employee self-learning, informational acquisition channels, online mentoring and classrooms from any location at any time.
Visit Vault at www.vault.com for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.
231
THE STATS
Employer Type: Government-owned Company CEO & Chairman: Min Euoo-Sung Net Income: KRW 350 billion (FYE 12/08) No. of Employees: 2,100 No. of Offices: 56
KEY COMPETITORS
Hyundai Securities Samsung Securities
EMPLOYMENT CONTACT
Contact Us from the About KDB link at www.kdb.co.kr
BUSINESSES
Consulting Corporate Banking Corporate Restructuring Funding Activities International Banking Investment Banking Research Trust & Bancassurance
THE SCOOP
Beyond reconstruction
The Korea Development Bank (KDB) was founded in 1954 as the Korea Reconstruction Bank, as part of a government effort to provide financing for the restoration of infrastructure destroyed in the Korean War. The bank also provided support for some of the country's core industries, particularly the energy sector. In the years immediately following its formation, the Korea Reconstruction Bank issued the country's first industrial finance bonds, then went on to fund supply chains for the energy, chemical and export industries in conjunction with a five-year economic development plan. Stock underwriting, bond guarantee and foreign capital services were added to the bank's roster of businesses, and in 1969 it was renamed the Korea Development Bank. In the 1980s and 1990s, KDB launched its trust business, received government authorization to approve applications for foreign direct investment, started issuing global bonds and began equity investment activities, focusing especially on high-tech companies and small-to mid-sized enterprises (SMEs).
Customized for: vinh (phamvinh@nus.edu.sg)
Nowadays, KDB provides a range of financial services, including investment banking, corporate banking, global banking, consulting and restructuring to customers in Asia and Europe. Headquartered in Seoul, KDB is still wholly owned by the South Korean government. Under the terms of its ownership, the government is responsible for the bank's solvency. Any annual net loss must be offset by government reserves, and the government can provide capital infusions (in the form of property, securities or cash) to the bank without parliamentary approval. After the Asian financial crisis of 1997, the South Korean government passed a law that allows emergency credit extensions to KDB if necessary. In South Korea, KDB operates through a number of subsidiaries. KDB Capital Corporation was established in 1999 and handles lending, leasing, credit cards and venture capital. Daewoo Securities, which became a subsidiary in May 2000, offers services including securities trading, brokerage, underwriting and sales of beneficiary certificates. Finally, in May 2004, KDB Asset Management Corporation (formerly
232
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition Korea Development Bank
known as Seoul Investment Trust Management) became a subsidiary. It deals with asset management, investment trust management and investment advisory services. In addition to its South Korean operations, KDB has five international subsidiaries: KDB Asia Ltd., which is based in Hong Kong; KDB Bank (Hungary) Ltd.; KDB Ireland; Banco KDB Do Brasil, in Sao Paulo; and UzKDB Bank in Tashkent, Kazakhstan. The bank also has international branch offices located in Beijing, Guangzhou, China; London; New York; Shanghai; Singapore; and Tokyo. More recently, KDB opened representative offices in Frankfurt and Shenyang, China.
Private time
Investment banking makes up about 80 percent of KDB's business. In January 2008, reports surfaced that South Korea's new government planned to combine KDB's investment banking division with subsidiary Daewoo Securities and then sell off the consolidated company. If the deal happens, it will be South Korea's biggest M&A transaction to date. Reuters quoted South Korea's senior secretary for national policy planning, Kwak Seung-jun, as saying that the combined KDB-Daewoo sale could raise more than KRW 20 trillion. Lee Myung-bak, South Korea's current president, ran on a platform of promises to privatize state-owned assets and to encourage economic development by allowing South Korean corporations to own banks. KDB already owns a 39 percent share in Daewoo Securities; it's also a major stakeholder in industrial companies like Hyundai Engineering, Daewoo Shipbuilding and Marine Engineering, and Hynix Semiconductor. For its part, in February 2008 KDB set up a task force to study the changes it would need to make for its investment banking business to become privatized. At the same time, KDB began considering the possibility of selling off its shares of Korean industrial companiespossibly to other banksas a way of streamlining and raising capital. Still, even if the government goes through with the sale, KDB's international banking, corporate restructuring and funding businesses would remain under state control.
Onward to '11
For several years, KDB has been working toward a set of goals it calls "Vision 2011." According to the bank, Vision 2011 is designed "to help KDB effectively carry out its role as a public policy institution and also heighten its competitiveness to cope with the increasing globalization of finance." The first stage of Vision 2011 took place from 2003 to 2006 and involved revamping the banks core businessesinvestment banking, corporate banking, international banking, corporate restructuring and consulting servicesin order to become a corporate finance leader in South Korea. Stage two, which runs from 2007 to 2011, aims to make KDB a top player across Asia by increasing its competitiveness, improving asset quality and bringing profitability in line with its global competitors. In the second phase of the plan, KDB has been focusing heavily on corporate restructuring activities. Throughout 2008 and 2009, KDB has purchased distressed assets of a number of large corporations (chaebol firms in Korean) as well as SMEs. KDB then helps these firms restructure and eventually sells its purchased assets once a profit can be made from the sale. The bank has also sought partnerships with private equity giants. In May 2009, it signed an agreement with private equity giant Kohlberg Kravis & Roberts to explore investment opportunities.
IN THE NEWS
August 2009: Funding the needy
Customized for: vinh (phamvinh@nus.edu.sg)
KDB, along with the Industrial Bank of Korea, agreed to create a 2 trillion won ($1.61 billion) fund to help ailing private companies in Korea. The fund is a part of a larger state fund worth 5 trillion won that the government hopes will increase private-sector investment. The government indicated that it wants to ultimately have 20 trillion won in the fund.
Visit Vault at www.vault.com for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.
233
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition Korea Development Bank
GETTING HIRED
Not much to go on
There is no specific hiring information on KDB's English site at www.kdb.co.kr. Under "Networks and Subsidiaries," you can find an extensive list of offices in the Asia Pacific region, with direct contact information for each. Locations include Guangzhou, China; Shanghai; Singapore; and Tokyo, with a subsidiary in Hong Kong. Representative offices are also present in Beijing and Shenyang, China. Links to KDB's South Korean subsidiariesKDB Capital Corporation, Daewoo Securities and KDB Asset Management Corporationare also provided. If you can read Chinese or Korean, you can certainly try to find career information from the firm's main web site. The "Contact Us" link from KDB's site gives you a chance to send your questions about careers and other unavailable information. Alternately, you could send a resume directly to the company's headquarters at Korea Development Bank, 16-3 Yeouido-dong, Yeongdeungpo-gu, Seoul, 150-973, South Koreaor call +82-2-787-5821.
234
THE STATS
Employer Type: Subsidiary of Kotak Mahindra Group Managing Director: Falguni Nayar No. of Employees: 116 No. of Offices: 8
EMPLOYMENT CONTACT
www.kmcc.co.in/join_us.html
DEPARTMENTS
Equity Product Group Financial Sponsors Group Infrastructure Products Mergers & Acquisitions Structured Finance & Advisory Services
THE SCOOP
Preeminent Indian investment bank
Kotak Mahindra Capital Company (KMCC) is the investment banking arm of Kotak Mahindra Group, a leading financial institution in India with over 20,000 employees. KMCC was originally founded in 1995 as a joint venture between Kotak Mahindra and U.S. investment bank Goldman Sachs. Like its parent, KMCC is headquartered in Mumbai, but has its own office. The firm offers equity issuances, M&A advisory, structured finance services, financial sponsors group and infrastructure services. KMCC has unparalleled experience across all major industry sectorsbanking and financial services, fast-moving consumer goods, pharmaceuticals and healthcare, energy and infrastructure, automobiles, aviation and transportation, telecom, technology, retailing, and media and entertainment. The company has played a key role in several industry-defining deals, such as the IPOs for Tech Mahindra, Hughes Software and Maruti Udyog. KMCC has also made a name for itself by being the first Indian investment bank to register with the Securities and Exchange Commission in the U.S. and the Securities & Futures Associates in the U.K. Through its association with Kotak Mahindra Bank and its subsidiaries in New York, London, Mauritius, Singapore and Dubai, KMCC enables Indian corporations to access international capital markets. In addition to working for top technology companies, including British Telecom and Sony, KMCC has also worked its magic for leading financial institutions like Citigroup and Warburg Pincus.
Elite seven
In addition to its M&A and equity capital markets groups, KMCC has what it calls its Financial Sponsors Group (FSG). Set up in 2005, FSG is an initiative to provide the full suite of investment banking services for leading global and domestic private equity and hedge funds. The firm's FSG desk has seven experts who work closely with companies, acting as buy- and sell-side advisors for deals in a wide variety of industries.
235
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition Kotak Mahindra Capital Company
FSG's advisory and execution offerings include private equity financing, venture funding, mezzanine financing, referential allotments, buyouts, pre-IPO services, PIPE (private investment in public equity), secondary sales and block purchases. KMCC established an Infrastructure Group in December 2007 to provide the entire gamut of investment banking solutions to public and private sector corporations engaged in infrastructure development. The services offered include bid advisory services, partner search and strategic alliances, project advisory services, debt and quasi-debt mobilization, private equity mobilization, and project-level acquisitions and divestitures.
Good advice
KMCC lent its merchant banking and advisory services to several big deals in 2007 and 2008. The firm was the book running lead manager (BRLM) on Reliance Power's INR 115.6 billion IPO in January 2008, and the global coordinator and BRLM on Indian real estate developer DLF Universal's INR 91.9 billion IPO in June 2007. KMCC also successfully completed some marquee qualified institutional placements (QIP) for GMR Infrastructure (INR 39.7 billion), Infrastructure Development Finance Co. (INR 21 billion) and the Bank of India (INR 13.6 billion), among others. KMCC has also displayed prowess in the M&A arena by advising on some of the largest and most complex M&A transactions in India, including managing the entry of Irish buildings materials player Cement Roadstone Holdings (CRH) into India when it acquired a 50 percent stake in My Home Industries in 2008. KMCC also acted as exclusive advisor to Gokaldas Exports for sale of its controlling stake to Blackstone in 2007, and managing the related open offer by Blackstone. In addition, the firm is the exclusive advisor to the Bombay Stock Exchange and managed the first demutualization of the stock exchange in India.
IN THE NEWS
Customized for: vinh (phamvinh@nus.edu.sg)
236
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition Kotak Mahindra Capital Company
GETTING HIRED
Grow with intelligent and motivated people
On the careers section of KMCCs web site (see join us at www.kmcc.co.in) job seekers can explore links to the company's different divisions, with career information on each individual page. The bank promotes itself as place where staffers can contribute, innovate, work and grow with other intelligent and motivated people." Interested candidates can send their resume, along with a cover letter, to KMCC's headquarters at 3rd Floor, Bakhtawar, 229 Nariman Point, Mumbai, 400 021, India. Make sure to address the inquiry to the HR department.
Visit Vault at www.vault.com for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.
237
THE STATS
Employer Type: Public Company Ticker Symbol: MBT (PSE) President: Arthur Ty Net Income: PHP 23.07 billion (FYE 12/08) Net Profit: PHP 4.4 billion No. of Employees: 8,721 No. of Offices: 800
KEY COMPETITORS
Banco de Oro Unibank Bank of the Philippine Islands Citi HSBC
DEPARTMENTS
Capital Markets Corporate Banking Personal Banking Treasury Products Trust Products and Services
EMPLOYMENT CONTACT
Email: careers@metrobank.com.ph www.metrobank.com.ph/careers.asp
THE SCOOP
Banking on the Philippines
With PHP 764 billion in total assets as of December 2008, Metropolitan Bank and Trust Company (Metrobank) was overtaken after 14 years in the top spot among banks in the Philippines. Now the second-largest bank in the Philippines behind Banco de Oro Unibank, Metrobank provides a wide range of financial services, from commercial and investment banking to insurance and credit cards. According to Asian Banker Journal, the company is one of the top 300 banks in the world, while Asiaweek, a Hong Kong-based weekly news magazine, ranks Metrobank among the top 300 Asian banks. The bank's network includes over 550 branches in the Philippines and eight foreign branchesin China (Shanghai), Japan (Osaka and Tokyo), South Korea (Pusan and Seoul), Taiwan (Taipei), the U.S. (New York) and Guam. Metrobank has a presence across 21 countries through a large number of representative offices, subsidiaries and remittance tie-ups. Much of Metrobank's personal banking services are offered through subsidiary Philippine Savings Bank (PSBank). Though not its largest source of income, the company's retail banking operations serve as its main focus, with 700 domestic branches and 900 ATMs. First Metro Investment Corporation (FMIC), another subsidiary, handles the company's investment banking services.
Customized for: vinh (phamvinh@nus.edu.sg)
Metrobank has numerous other subsidiaries, joint ventures and affiliates. Some of the largest include Federal Land, Metrobank Card, SMBC Metro Investment, Philippine AXA Life and Toyota Motors Philippines. Through these operations, Metrobank's other business activities are conducted, including automotive, property development, and insurance.
238
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition Metropolitan Bank and Trust Company (Metrobank)
who hailed from an affluent Chinese-Filipino family, was helping with the creation of a family-owned flour mill when he saw firsthand how much the mill had to rely on the good will of money lenders every step of the way. Realizing "how powerful a bank [could be]", the 29-year-old Ty decided to forgo the family business and to establish his own bank. The bank was initially intended to provide financial services to the FilipinoChinese community. Ty eventually gain his family's blessingand more importantly, its fundsbefore embarking on the new venture. (The Ty family continues to control the bulk of Metrobank's empire and its numerous subsidiaries today, so they must have been pleased with the return on their risk.) In 1962, the Metropolitan Bank and Trust Company was founded with the help fellow businessmen Don Emilio Abello, Don Pio Pedrosa and Placido Mapa, Sr. The bank opened for business in September 1962 at the Wellington Building in BinondoManila's Chinatown. With strong support from the Filipino-Chinese community, in 1963 the bank was able to launch its first branch, in Divisoria, a bargain shopping district in Manila. This was followed by its first provincial branch, in Davao, in 1967.
Going international
In the 1970s, the company began to make inroads into the international market. Taking advantage of its deep Chinese roots, the bank opened its first foreign branch in Taipei and eventually a representative office in Hong Kong. Then in 1977, the company was authorized by the Central Bank in the Philippines to operate a Foreign Currency Deposit Unit (FCDU), which meant the company could finally conduct transactions denominated in foreign currency. Still, the bank's focus remained on its domestic operations. When the total number of its branches reached 100 later in 1977, the company celebrated by opening a brand new head office in Metro Manila's financial district, Makati City. Although the bank was fairly successful from the get-go, the 1980s was when it truly went big. In 1980, the bank went public on the Philippine Stock Exchange and eventually established branches in Guam, Los Angeles and New York. In 1981, Metrobank was granted a universal banking license, which allowed the company to diversify into other business sectors. Its first act, however, was to acquire a majority stake in the Philippine Savings Bank, at the time the country's second-largest thrift bank. Metrobank's Chinese roots have also come in handy as it broke into the mainland China market relatively early. After establishing representative offices in Shanghai and Beijing (in 1992 and 1994, respectively), the firm was given the go-ahead to open a branch in Shanghai in 2001, the first Philippine bank allowed to do so in China.
After travel came wheels. Metrobank teamed up with Japanese automobile giant Toyota Motor Corporation to establish an automobile manufacturing plant in 1988. Quickly growing, the joint venture, Toyota Motor Philippines, became a market leader in a matter of a couple of years. The venture continues to lead the passenger car and commercial vehicle market in the Philippines, with a 37 percent share overall as of May 2008. A related joint venture, Toyota Financial Services Philippines, was established between Metrobank and Toyota in 2002 and handles consumer loans and assistance for vehicle purchases. Metrobank also has interests in the power sector through electricity subsidiary Global Business Power Corporation (GBPC), as well as technology services through subsidiary MBTC Technology.
Visit Vault at www.vault.com for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.
239
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition Metropolitan Bank and Trust Company (Metrobank)
IN THE NEWS
March 2009: New lease on life?
As American International Group (AIG) began selling off a number of its Asian assets in preparation to repay U.S. government loans it received, one if its largest properties went on the marketPhilippine American Life and General Insurance (Philamlife), the largest insurer in the Philippines. Metrobank was right there, and formally announced intentions to put up an offer for Philamlife amid stiff competition, which was unannounced. Analysts suggested competition encompassed more than 10 potential suitors, including local financial firms Bank of the Philippine Islands and Banco de Oro Unibank, Manulife and a number of other global insurance companies, and several Chinese-Filipino tycoons.
Customized for: vinh (phamvinh@nus.edu.sg)
However, anonymous sources close to Philamlife told Thomson Reuters in February 2009 that four buyers had been short-listed, and Metrobank was not one of those. Following that, AIG received a third round of bailout funds from the U.S. government in March 2009under new terms in which the government could convert its loans to equity, putting the sale of AIG's Asian assets in doubt. Offers for Philamlife have been taken off the table for the time being.
240
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition Metropolitan Bank and Trust Company (Metrobank)
consolidated assets, loans and deposits. For the year, Banco de Oro reported assets of PHP 808 billion (compared to Metrobank's PHP 758.5 billion), net loans and receivables of PHP 461.2 billion (compared to PHP 351.2 billion), and deposits of PHP 634.3 billion (compared to PHP 585.8 billion). Metrobank remains ahead of competitor Bank of the Philippine Islands (BPI), though the race remains relatively close for second place.
GETTING HIRED
Investing in the future
Although Metrobank has a number of international offices, positions available on the company's straightforward careers web site (www.metrobank.com.ph/careers.asp) are all based in the Philippines. For general careers info or to submit a resume, send an e-mail to careers@metrobank.com.ph. Announcements about the annual Metro Manila Career Day can also be seen at the beginning of each year. Included is a brief description of what kind of applicants the company is looking for, what positions are available and when the deadline is. In January 2009, positions included account coordinators, accounting assistants, tellers, auditors, credit support assistants and branch heads. Like most companies, the bank welcomes fresh grads. However, for late career starters, beware: the firm explicitly states that applicants for these positions must be "not more than 27 years old."
First Metro Investment Corporation is divided into three groups: investment banking, treasury, and investment advisory. Through the "Career Opportunities" link at www.firstmetro.com.ph, a number of openings are listed from the three groups, though it's unclear how up-to-date the postings are. Positions can be applied for by mail or in person to: 20th Floor, G.T. Tower International Ayala Ave., Corner H.V. de la Costa St., Makati City, 1200, Philippines. Alternately, you can call the human resources department at +63-2-840-5751 or email hr_dept@firstmetro.com.ph. AXA Philippines, a joint venture between Metrobank and the global AXA Group, also has a careers page at www.axa.com.ph/careers.asp. Openings are posted across a range of areas, and applications are accepted via an online application formbe aware that the form is quite brief and doesn't allow a resume to be attached.
Visit Vault at www.vault.com for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.
241
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition Metropolitan Bank and Trust Company (Metrobank)
PSBank has a "Career Opportunities" link accessible from the main page of its web site at www.psbank.com.ph. Openings are posted across a variety of departments, including business development, branch banking, credit administration, finance, human resources, information security and information technology, internal audit, asset sales, auto loans, customer service, e-banking, mortgage banking, personal loans, collections and remedial management, process management, risk management, small-medium enterprise, and many more. In addition, there's information on the firm's internship programinternships are available if you're "at least an incoming 3rd year college student taking up any course" willing to undertake at least four hours of work per day. For both internships and job openings with PSBank, you can send your resume and other required materials to: Recruitment Department, 7/F PSBank Center, 777 Paseo de Roxas corner Sedeno Streets, Makati City, Philippines. Alternately, you can send it by fax to +63-2-885-8347. For questions, you can contact the recruitment department by phone at +63-2-885-8208 local 8528, or send an email to recruitment@psbank.com.ph. Finally, Metrobank Card, the firm's joint venture with Australia-based financial group ANZ, has its careers site at www.metrobankcard.com/careers/careers.aspx. Current openings are listed from a variety of areas, and you can apply online. For more information, contact recruitment@metrobankcard.com. The firm also takes walk-in applicants for certain positions. For information on senior management vacancies, you can call +63-2-898-9607.
242
THE STATS
Employer Type: Public Company Ticker Symbol: 8411 (TYO), MFG (NYSE) Chairman: Terunobu Maeda President and CEO: Takashi Tsukamoto Revenue: JPY 3.51 trillion (FYE 3/09) Net Loss: JPY 588.81 billion No. of Employees: 51,714 No. of Offices: 770
KEY COMPETITORS
Citigroup Mitsubishi UFJ Financial Group Sumitomo Mitsui Financial Group
DEPARTMENTS
Asset and Wealth Management Corporate Banking Retail Banking
EMPLOYMENT CONTACT
www.mizuho-fg.co.jp/saiyou/pre_index.html (Japanese language only)
THE SCOOP
Golden grains
Mizuho Financial Group, one of Japan's three mega banks and the country's second-largest financial institution in terms of assets, offers a range of financial services, including banking, securities, trust and asset management. Aligned into three main divisionscorporate, retail, and asset and wealth managementMizuho caters mostly to Japanese corporations, such as financial institutions, public sector entities and foreign corporations, including foreign subsidiaries of Japanese corporations. The firm, which has more than 50,000 employees working in more than 700 locations, is the parent company of Mizuho Bank, Mizuho Corporate Bank, Mizuho Securities, and Mizuho Trust & Banking. Mizuho is known as the most aggressive of Japan's three mega banks, which include rivals Mitsubishi UFJ Financial Group and Sumitomo Mitsui Financial Group. That distinction has won the company praise, but also recently led to the firm suffering the biggest subprime losses among the big three. Mizuho, whose name means "golden ears of rice" in Japanese, will have to harvest a lot of gold in coming years if it hopes to survivethe firm suffered a net loss of JPY 588 billion in fiscal 2009, the first time it failed to earn a profit in five years.
243
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition Mizuho Financial Group, Inc.
As part of a strategic plan initiated in 2006which Mizuho called the "Channel to Discovery"the firm realigned its entire business its three current operating divisions. In connection with this realignment, the firm also established Mizuho Private Wealth Management Co., a private banking subsidiary, and converted Mizuho Holdings from an intermediate holding company into Mizuho Financial Strategy, an advisory company that provides advisory services to financial institutions.
IN THE NEWS
May 2009: Preferred stock
Mizuho declared its intent to establish a special purpose subsidiary for issuing preferred equity investment securities, a move similar to that made by rival company Mitsubishi UFJ Financial Group at around the same time. Mizuho also stated that it would try to raise up to JPY 200 billion by August through issuing common shares and preferred securities. According to a report in Reuters, the financial group beat this goal and raised JPY 212 billion. Earlier, in December 2008 and February 2009, Mizuho issued US$4 billion and US$850 million, respectively, in preferred securities that were non-convertible to common stock.
244
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition Mizuho Financial Group, Inc.
GETTING HIRED
Konichiwa Mizuho
You'd better brush up on your Japanese language skills before looking for career opportunities with Mizuho, because the company doesnt have any job information available in English. Clicking the "careers" link in English will brilliantly redirect you to the firm's Japanese page. If youre interested, Mizuho's Japanese language careers page can be found at www.mizuho-fg.co.jp/saiyou/pre_index.html.
Visit Vault at www.vault.com for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.
245
THE STATS
Employer Type: Public Company Ticker Symbol: NAB (ASX) Group CEO: Cameron Clyne Revenue: AU$41.42 billion (FYE 9/08) Net Income: AU$4.54 billion No. of Employees: 39,150 No. of Offices: 1,240 (worldwide)
KEY COMPETITORS
ANZ Commonwealth Bank Westpac
EMPLOYMENT CONTACT
See Careers at NAB section of www.nab.com.au
DEPARTMENTS
Agribusiness Banking Business Banking Personal Banking Private Banking Wealth Management
THE SCOOP
Representing Australia
National Australia Bank (NAB) is the Australian representative for National Australia Bank Group (NABGroup), an international financial services organization whose history goes back to 1858 with the establishment of the National Bank of Australasia. NABGroup is organized around four regions: Australia (including NAB, MLC and UBank operations), New Zealand (through Bank of New Zealand), the U.K. and Europe (through both Yorkshire Bank and Clydesdale Bank), and the Americas (through Great Western Bank). Each region offers services including retail banking, business banking, corporate banking, wealth management services, and transactional and custodial operations. In addition, the group operates nabCapital, which focuses on debt, risk management and investment products for corporate and institutional customers. NAB is one of the world's largest agricultural bank and one of Australia's leading business banks. With more than 39,000 employees globally (including 24,500 in the Australian region), the bank services customers in Australia through nearly 800 branches, 180 business banking centers, 110 regional agribusiness locations and three contact centers. NAB also maintains a strong presence in Asia, with branches in Hong Kong, Japan and Singapore, and representative offices in mainland China and India. The firm's Asian operations are focused on private retail banking for preferred customers as well as corporate and institutional banking. For the financial year ended September 2008, NAB earned profits of AU$4.54 billion, and holds assets worth AU$656 billion as of March 2009.
246
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition National Australia Bank Limited (NAB)
The firm's business banking division is Australia's largest business lending and business deposit taker. More than 700,000 customers use the bank's lending, deposit, transaction, custody, asset finance, financial planning and merchant services. Meanwhile, the firm's private banking division caters to the needs of a select group of high-net-worth clients. Agribusiness handles banking services for rural Australian businesses, including those in the agriculture, forestry and fishing industries. Servicing a range of customers, from small family farming enterprises to large multinational operations, the bank's 570 agribusiness banking specialists operate in more than 110 regional locations across Australia. Retail banking offers financial solutions to approximately 3.5 million customers in Australia. The bank provides a range of deposit, lending, credit and transaction products as well as an Australia-wide network of 800 branches. Through a network of financial advisers, NAB's wealth management division is handled through MLC. With over AU$102 billion under management, MLC provides wealth management services and financial planning advice on investments, insurance and superannuation. Finally, the wholesale banking division employs 2,500 globally, providing access to specialized funding, investment capabilities, asset services and risk management. In May 2007, operations commenced for NAB Health, a specialized banking business to serve the financial needs of medical practitioners, healthcare and aged care facilities, and investors in Australia's AU$90 billion healthcare sector. Further, in October 2008, NAB launched UBank, an online-only bank for retail customers. Another online savings account, USaver, was launched in August 2009 by UBank. NAB plans to continue expanding UBank in the future to offer a range of additional savings, transaction and investment products.
Nabbing Asia
NAB first reached out to its Asian neighbors in 1969, when it opened a representative office in Tokyo. The Tokyo office quickly became a branch with full operations. When NAB merged with the Bank of New Zealand in 1994, the firms combined their Tokyo offices in order to expand their Japanese presence. Focused in Asia on capital markets and institutional banking, NAB currently has branches in Hong Kong, Singapore, and Tokyo, with representative offices in Beijing and Mumbai. The Hong Kong branch was established in 1986 and provides a range of retail and private banking services including local and overseas property loans, a managed funds platform and multicurrency deposits products. In addition, nabCapital has a team of more than 40 in Hong Kong, working in the areas of project finance, structured property and trade finance. The bank has been active in Singapore since 1981 and today has a wholesale banking license that allows it to offer deposit, lending and investment services. NAB also operates a merchant bank in Singapore called the National Australia Merchant Bank. Another Singaporean subsidiary of NAB is Medfin Finance, a financial services company for healthcare providers that has been in operation for over 18 years.
IN THE NEWS
October 2009: Delisted in NZ
After applying to cancel its listing on the New Zealand Exchange in August 2009, NAB was formally removed from the stock exchange in October 2009. In a statement, NAB explained, "The decision reflects increasing globalization that has reduced the need for separate listings, low trading volumes in NAB shares on the NZSX and the ongoing streamlining of NAB's operations." NAB has previously cancelled listings in Tokyo, London and New York for similar reasons; the bank said that customers or business operations in New Zealand won't be affected.
Visit Vault at www.vault.com for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.
247
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition National Australia Bank Limited (NAB)
248
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition National Australia Bank Limited (NAB)
GETTING HIRED
NABbing a great job
Graduates, professionals and executives all get their own space within the careers section at www.nab.com.au, which provides job-seekers with the tools to get in at the bank. You can conduct a job search, sign up for job alerts and be sent an email when a position opens that meets your specifications, or just learn about what day-to-day life at the firm is like. The bank also details possible career paths in different groups, including human resources, IT, legal, marketing, banking and relationship management, financial planning, insurance and superannuation, customer service, call center, administration, and consulting and project management. If you're just wondering about the basic application procedure, the firm also covers that, guiding prospective employees through the typical interview process. Make sure to put on your thinking capaccording to the web site, the firm does cognitive, psychometric and competency testing for all of its candidates. If you have any general questions on the hiring process that are not answered on the careers page, send an e-mail to nab.careers@nab.com.au. In addition to its Australian graduate programs, NAB launched its Asian graduate program in early 2008 for Hong Kong and Singapore nationals. The Asian program includes a 12-month assignment in Australia alongside participants in the Australian graduate program. The Hong Kong branch also conducts internships on a three-month basis. For more information, you can contact the Hong Kong branch by phone at +852-2822-8111 or by email at mybank@nabasia.com.
Customized for: vinh (phamvinh@nus.edu.sg)
Visit Vault at www.vault.com for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.
249
OCBC GROUP
65 Chulia Street #29-00 OCBC Centre Singapore, 049513 Phone: +65-6318-7222 Fax: +65-6533-7955 www.ocbc.com
THE STATS
Employer Type: Public Company Ticker Symbol: OCBC (SGX) CEO: David Conner Chairman: Cheong Choong Kong Total Income: SG$4.43 billion (FYE 12/08) Net Profit: SG$1.75 billion No. of Employees: 19,610 No. of Offices: 490 (worldwide)
KEY COMPETITORS
DBS Group Holdings United Overseas Bank
BUSINESSES
Asset Management Consumer Banking Corporate/SME Banking Insurance Investment Banking Private Banking Stock Broking Transaction Banking Treasury
EMPLOYMENT CONTACT
See the Careers link at www.ocbc.com.sg/global/main/index.shtm
THE SCOOP
Singapore's longest established local bank
Oversea-Chinese Banking Corporation (OCBC), which bills itself as "Singapore's longest established local bank," began in 1932 when Chinese Commercial Bank, Ho Hong Bank and Overseas-Chinese Bank joined forces. Today, OCBC offers a wide range of specialist financial services, from consumer, corporate, investment, private and transaction banking to treasury and stock-broking services to meet the needs of its consumer and business customers. OCBC Bank has a network of more than 460 branches and representative offices in 15 countries and territories, including Singapore, Malaysia, Indonesia, China, Hong Kong, Brunei, Japan, Australia, the U.K. and the U.S. In 2008, the bank's total income continued its climb year-on-year to SG$4.42 billion, from total income of SG$4.28 billion in 2007. In addition to its flagship OCBC Bank, the OCBC Group oversees OCBC Securities Private Limited (its stockbroking arm that offers a full range of brokerage services for equities and derivatives trading), Great Eastern (the biggest insurance company in Singapore and Malaysia with SGD$44 billion of assets and about three million policy holders), Lion Global Investors (one of the largest asset management companies in Singapore and Southeast Asia) and Bank of Singapore Limited (which the firm calls "Singapore's first pure internet bank") in Singapore.
250
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition OCBC Group
IN THE NEWS
October 2009: Double-digit net profit growth
For the third quarter 2009, OCBC booked a net profit of S$450 million, a 12 percent rise versus the S$402 million it recorded in the same period a year earlier. According to OCBC, core net profit rose by 14 percent, driven by strong gains in insurance, trading and investment income, as well as lower expenses and allowances. And for the first nine months of 2009, the firm saw a rise of 18 percent in net profit to S$1.461 billion. OCBCs interest income increased 7 percent while non-interest income rose 25 percent due to strong contributions from the insurance business and foreign exchange income.
Visit Vault at www.vault.com for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.
251
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition OCBC Group
GETTING HIRED
Transition in
The careers link at www.ocbc.com tries to offer its prospective employees a few new angles, even describing its Career Transition Program for candidates who've considered a career in banking but might not have had the necessary background to successfully apply. Information is also available on OCBC's Management Associate Programme (MAP), an 18-month leadership development program for those with an MBA or Master's degree and two to six years of work experience. The firm also offers a general job posting section, including current openings in the firm's Singapore, Malaysia and China offices as well as positions with subsidiary Great Eastern. For students, a schedule of campus visits is available for both the MAP program and undergraduate recruitment. In addition, the firm has a good deal of information on its internship program. Internships run 10 weeks and are awarded to Singaporean citizens or permanent residents studying overseas, as well as students in their "pre-final and final year pursuing their undergraduate or post-graduate studies in Singapore" who have "excellent academic results and involvement in extra-curricular activities." Final-year students from foreign universities who qualify under the Singapore Ministry of Manpower Work Holiday Programme are also encouraged to apply for internships.
252
THE STATS
Employer Type: Subsidiary of Ping An Group Chairman & CEO: Ye Licheng Net Income: US$206.9 million (FYE 12/07) No. of Offices: 24
KEY COMPETITORS
BOC International China Galaxy Securities China Merchants Securities GF Securities Guotai Junan Securities Haitong Securities
EMPLOYMENT CONTACT
job.pingan.com (in Simplified Chinese)
DEPARTMENTS
Equities Investment Banking Research
THE SCOOP
Backed by an insurance giant
Ping An Securities is the securities arm of Ping An Insurance Group, China's second-largest insurer. Located in Shenzhen, in Guangdong Province in southern China, the firm began operations in 1991 as a securities department within its parent company. Ping An Securities was formally established as a subsidiary in October 1995 with approval from the People's Bank of China. With the backing of its well-known parent, Ping An Securities has grown over the years from a regional securities house into an integrated, nationwide company overseeing assets of RMB 1.8 billion as of April 2009. Ping An Securities handles a variety of financial services through six main divisions: investment banking, fixed earnings, asset management, brokerage, research and derivative products.
253
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition Ping An Securities Company Ltd.
IN THE NEWS
May 2009: Let the higher profit margins commence!
Higher profits might be just around the corner for Ping An Securities. In May 2009, Ping An was one of nine Chinese brokerage firms awarded a license to directly invest in the forthcoming Shenzhen-based Growth Enterprise Board (GEB), an index for small-to-medium-sized enterprises (SME). After the idea of the GEB was first pitched a decade ago, regulators green-lit the creation of a platform in which securities firms could do business with the potential to earn higher profit margins. Ping An's entrance into the fray is a step forward from the initial test run in April 2008 when CITIC Securities and China International Capital Corporation (CICC) were first granted the right to invest in the GEB.
254
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition Ping An Securities Company Ltd.
GETTING HIRED
Yingwen zai nali? (Where is the English?)
Ping An Securities offers absolutely no information about careers on its English website. If you can read Simplified Chinese, check out the firm's jobs page at job.pingan.com for more information, including regularly updated job postings. Otherwise, it might be worth calling the companys main number at +86-40-0886-6338 and asking to speak with the HR department. Interested candidates will probably have more luck speaking in Mandarin.
Visit Vault at www.vault.com for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.
255
THE STATS
Employer Type: Subsidiary of Royal Bank of Canada Chairman: Doug McGregor Co-CEOs: Doug McGregor & Mark Standish Revenue: C$3.93 billion (FYE 12/08) Net Income: C$1.17 billion No. of Employees: 3,100 No. of Offices: 75
KEY COMPETITORS
Bank of America CIBC Citigroup
BUSINESSES
Global Credit Global Investment Banking & Equity Markets Global Markets Global Research
EMPLOYMENT CONTACT
www.rbccm.com/careers
THE SCOOP
Part of the Royal family
RBC Capital Markets is an international corporate and investment bank, serving corporations, governments and high-net-worth clients around the world. The firm operates as part of the Royal Bank of Canada, which has four other business segments: Canadian Banking, Insurance, International Banking and Wealth Management. Its 3,100 employees work from 75 offices around the world. In the Asia Pacific region, RBC Capital Markets has offices in Beijing, Hong Kong, Tokyo, Mumbai, Singapore and Sydney. The Royal Bank of Canada began operation in 1869, and today it has over C$724 billion in assets, 80,000 employees, and more than 18 million clients in North America, Europe and Australia. Until 2001, RBC Capital Markets was known as RBC Dominion Securities. The former Dominion Securities was created in 1901 and purchased by the Royal Bank of Canada in 1988. In 2000 and 2001, RBC added several boutique acquisitions to its investment banking arm, including U.S. firms Dain Rauscher Wessels and Tucker Anthony Sutro. These last two acquisitions resulted in the formation of RBC Capital Markets in November 2001.
Customized for: vinh (phamvinh@nus.edu.sg)
RBC Capital Markets' business is segmented into municipal finance, corporate finance and investment banking, debt finance, infrastructure finance, global treasury services, equity sales and trading, global credit, fixed income and currencies, sales and trading, global financial institutions, financial products, research and corporate banking.
Brothers in banking
RBC Capital Markets may not have a huge presence in Hong Kong just yet, but its sister subsidiary, RBC Investment Services (Asia) Ltd., is entirely devoted to providing clients there with a "broad range of investment choices." The investment firm is an extension of RBC's longstanding presence in Hong Kong, which stretches back to 1969. In fact, RBC was the first foreign member to be listed on the Hong Kong
256
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition RBC Capital Markets
Stock Exchange. RBC Investment Services (Asia) is a full service brokerage, and also offers international advisory services for portfolio management. RBC also has private banking and wealth management services in Asia. These offices are headquartered in Singapore and offer deposits, foreign exchange services, loan, investment management, custody, and trust services for individuals with investable assets of more than SG$500,000.
IN THE NEWS
June 2009: Committing to Asia
RBC Capital Markets hired more than 300 staff across its global operations from 2008 until summer 2009. The firm recently expressed a commitment to expanding its headcount in Asia, and in June 2009, RBS announced two key appointments to complement that goal. Chris Tam joined the firm as director of the fixed income and sales team in Hong Kong, Minako Endo signed on as RBCs director head of institutional fixed income sales in Tokyo.
After spending 12 years at RBC, Charles Chuck Winograd, RBC Capital Markets chairman and CEO, declared he would be calling it a day, retiring on October 31, 2008. Praising his accomplishments, RBC president and CEO Gordon Nixon said, Chuck has led the transformation of our capital markets business to a significant and growing global concern. Winograd began his career as a research analyst at Canadian firm Richardson Securities in 1971, rising up through the ranks to become head of equity sales, trading and research in 1985. He then joined big leagues in 1987 when he was appointed president and CEO of Richardson Greenshields before becoming chairman and CEO of RBC Dominion Securities in 1998. Three years later, Winograd was named the president and CEO of RBC Capital Markets. Replacing him were two men: Doug McGregor and Mark Standish were named co-CEOs. McGregor also became chairman of RBC Capital Markets, and McGregor also became president of the unit.
Visit Vault at www.vault.com for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.
257
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition RBC Capital Markets
GETTING HIRED
Unable to find Asia
RBC Capital Markets maintains offices in Beijing, Hong Kong, Tokyo, Mumbai, Sydney and Singapore; however, it does not currently provide information about careers in the Asia Pacific region on its web site at www.rbccm.com/careers. However, the firm offers an analyst and associate program to undergraduate and postgraduate applicants in the U.S. and Canada. Interested candidates are asked to either apply through the firms campus visits (as listed on the company web site) or through its careers web site. Candidates looking for placement in Asia might have luck contacting the office of their choice directly from the addresses listed at www.rbccm.com/offices/asia.html.
258
SAMSUNG SECURITIES
Jongro Tower Bldg 6 Jongro-2 ga, Jongro-gu Seoul, 110-789 South Korea Phone: +82-2-2020-8000 Fax: +82-2-2020-8077 english.samsungfn.com/ir/index.html
THE STATS
Employer Type: Public Company Ticker Symbol: 016360 (KRX) CEO: Chun-Hyun Park Net Revenue: KRW 777 billion (FYE 12/08) Net Income: KRW 230 billion No. of Employees: 2,757 No. of Offices: 137
KEY COMPETITORS
Daewoo Securities Korea Development Bank Hyundai Securities
DEPARMENTS
Asset Management Investment Banking Investment Consulting Securities Brokerage
EMPLOYMENT CONTACT
See Recruitment - Careers section of english.samsungfn.com/ir/index.html
THE SCOOP
Electronic banking
Samsung Securities is South Koreas top securities firm by market value. Originally founded in 1982 as Hanil Investment Finance, the firm was acquired by the electronics giant Samsung Group in 1992. The Seoul-based firm offers retail brokerage and wealth management services to individual investors, and institutional brokerage, investment advisory, investment banking and capital markets services to public and private enterprises. Samsung's 2,757 employees work from 137 branches throughout South Korea, in addition to overseas offices in New York, London and Hong Kong, and a representative office in Shanghai. Samsung Securities has been involved in a number of large financial advisory deals, including sea transportation company STXPanOcean's KRW 590.1 billion IPO on the Korean exchange in September 2007, sportswear giant Fila Korea's KRW 400 billion acquisition of the global Fila business (for which it won MoneyToday's M&A of the Year award in 2007), and Samsung Corporation's KRW 470 billion divestiture of its retail businesses.
High hopes
Customized for: vinh (phamvinh@nus.edu.sg)
Despite the turbulent global market environment in 2008, Samsung Securities might be in a better spot than many of its South Korean counterparts because of the substantial investment the firm has made in its asset management division in recent years. The firm has a stepby-step plan for future development called "Vision 2020: Global Top 10," which aims for the company to become a leading global player in the market. By 2010, the firm wants to dominate the South Korean market for financial services, hoping that this will lead to the establishment of a solid Asia-centered network by 2014, and looking into possible acquisitions of another global player sometime after 2015. Then, by 2020, Samsung Securities hopes to have KRW 10 trillion in net revenue and KRW 15 trillion in capital. The firm wants their vision to eventually enable it to compete head-to-head with long-established global rivals. These lofty goals culminate in a more-than-tenfold increase in revenue, which Samsung Securities plans to achieve through a number of initiatives, including: expanding its wealth management business; growing further through overseas investment such as through expansion in
259
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition Samsung Securities
mainland China and Southeast Asia, followed by further Asia Pacific coverage, with the ultimate goal of acquiring of two to three firms in the region; and expanding its trading business.
IN THE NEWS
November 2009: Nice numbers
Samsung Securities reported a net profit of 57.5 billion won (US$48.6 million) for the quarter ended September 2009. The results were 94 percent higher than the same quarter a year earlier (for which the firm booked a net profit of 29.7 billion won).
As part of its newly introduced global strategy, Samsung Securities announced plans to expand its operations in Hong Kong. The firms Hong Kong subsidiary will receive a 100-fold boost in investment, driving its capital up to US$100 million. Believing that the firm needs a greater presence in a key financial centre, the Hong Kong subsidiary will grow to include mergers and acquisitions, trading, principle investment, institutional brokerage, and equity capital management. The subsidiary, which previously focused exclusively on South Korean securities brokerage, will also run a research and sales department with 35 staff members. The firm plans to hire local staff with experience in global investment banking, and has stated that it will use competitive salaries and incentives to lure prospective candidates. Kim Suk, a board member and senior executive VP for capital markets and investment banking in Seoul, will have overall responsibility for the Hong Kong subsidiary.
260
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition Samsung Securities
Samsung Securities has also expressed a great deal of interest in developing its operations in markets such as mainland China and India, and the firm views its growth in Hong Kong as a stepping stone toward these goals. [Samsung] is laying the foundations for developing a regional and global presence, explained CEO Chun-Hyun Park.
GETTING HIRED
Like taking the SAT with an added S
Samsung Securities recruits for entry-level positions in the second half of the year, posting detailed announcements on its careers site during September. Nevertheless, the careers sitewhich you can locate under the Careers tab of the Recruitment headingoffers some helpful information. On it, potential candidates can read about the recruitment process for entry-level candidates, that involves following a successful online application with a written examination, three rounds of interviews and a physical examination before a job offer is made. The examination, or Samsung Aptitude Test (SSAT), attempts to identify applicants with creativity and drive and is divided into two sections; a basic competency test and a job aptitude test. The three rounds of interviews begin with a 10 minute interview with a panel of company directors. Here, the firm looks to understand your basic character and motivations for wanting to join the company, and whether you are a suitable for its working environment. During the second interview, candidates are expected to prepare an individual presentation and Q&A sessionexpected to last 15 minutesthat further enables company brass to assess competency, potential, and relative expertise in the field. Those who make it to the third round of interviews will find themselves in a group debate, where two teams of four-to-six people will be expected to display skills of logic, persuasion and communication. Experienced applicants have a shorter path to follow upon applying. Following a successful application online, they may skip the need pass the SSAT and move straight to a two-part interview that will evaluate a candidates expertise, suitability and fit with the company environment.
Language barriers
Applicants navigating the Samsung Securities careers page and looking to access more details will find themselves diverted to the Samsung Group recruitment web site. However, the site lacks an English option and is only available in Korean. According to an announcement from Samsung Securities HR team, the English-language web site is currently undergoing an update and is expected to be completed in due course. Those looking to apply for the internship program can submit a resume and cover letter to sewon531.oh@samsung.com. This email address can also be used for further hiring questions.
Visit Vault at www.vault.com for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.
261
THE STATS
Employer Type: Private Company CEO: Danny Cheung No. of Offices: 20
KEY COMPETITORS
Ping An Trust Tullett Prebon SITICO
LOCATIONS IN CHINA
Beijing Shanghai Other major cities in China
EMPLOYMENT CONTACT
www.cfets-icap.com.cn/en/ company_recru.html hr@cfets-icap.com.cn
DEPARTMENTS
Energy Derivatives Equity Derivatives Fixed Income Foreign Exchange Money Markets OTC Derivatives RMB Lending & Bond Trading Wholesale Broker
THE SCOOP
Just a baby
As far as financial entities go, Shanghai CFETS-ICAP International Money Broking Co. (or simply CFETS-ICAP) is barely out of its infancy. The unit first came about in September 2007, when U.K.-based ICAP plcthe largest interbank dealer (or money broker) worldwideand the China Foreign Exchange Trading System & National Interbank Funding Center (CFETS) formally launched their joint venture. With the birth of CFETS-ICAP, the venture initially provided broking services (both domestic and offshore) for foreign exchange markets, as well as transactions in money markets, bond markets and derivative products. The venture is only the second of its kind to receive approval from the by the China Banking Regulatory Commissionanother joint venture between a U.K. firm and a Chinese firm, Tullett Prebon SITICO, was the first to be approved back in November 2005.
Making it tick
Clearly, CFETS-ICAP isn't a venture that just arose out of thin airits dual components are what make it run. ICAP acts as a go-between for investment banks and institutions who want to get involved in monetary markets. ICAP, which arose from a 1999 merger between Garban and Intercapital, owns a 33 percent stake in the CFETS-ICAP joint venture.
Customized for: vinh (phamvinh@nus.edu.sg)
Meanwhile, CFETS originated from a set of foreign exchange reforms, and was founded in 1994 as a non-profit public institution overseen by the People's Bank of China. The group is responsible for a host of functions related to foreign exchange trading, including managing bankto-bank trading, supplying information regarding foreign exchange trading, and putting systems in place to ensure smooth trading, as well as RMB lending and bond trading. CFETS has its head office in Shanghai (with a staff of 30), a backup headquarters in Beijing and 18 other centers across China. In terms of ownership, CFETS holds the majority share in the CFETS-ICAP relationship, with a 67 percent stake in the joint venture.
262
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition Shanghai CFETS-ICAP International Money Broking Co., Ltd.
IN THE NEWS
March 2009: Back in business
According to an anonymous insider quoted by Dow Jones in March 2009, CFETS-ICAP became the first interbank dealer to receive a license from the State Administration of Foreign Exchange (SAFE), China's foreign exchange regulator. The shiny new license gives CFETS-ICAP the power to broker deals involving yuan-denominated swaps, forwards and cross-currency swaps, which it had previously been involved in up to February 2008, when SAFE put a stop to those services for unannounced reasons. With power comes responsibilityinterbank dealers will be required to publicly post the prices of all transactions on China's foreign exchange trading platform, ultimately reporting all details to the China Foreign Exchange Trading System (CFETS) directly.
GETTING HIRED
Pretty vacancies
At www.cfets-icap.com.cn/en/company_recru.html, CFETS-ICAP's English-language careers page, vacancies are listed along with the specific roles prospective applicants can expect to undertake in the position. In addition, the firm lists its requirements for jobs"good communication
Visit Vault at www.vault.com for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.
263
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition Shanghai CFETS-ICAP International Money Broking Co., Ltd.
skills," "self-motivation and self-discipline" and the ability to work as part of a team (particularly under pressure) all seem to be recurrent themes. There's no formal application process on the site and it's unclear how up-to-date the information isthe CFETS-ICAP sites reflect a copyright date of 2007 for both its English and Chinese variants. However, if you find a job that fits your experience, you can email hr@cfets-icap.com.cn. Openings range from entry-level trainee positions and tech positions to full-fledged broker positions.
264
THE STATS
Employer Type: Public Company Ticker Symbol: 055550 (KRX) Chairman: Eung Chan Ra President & CEO: Sang Hoon Shin Revenue: KRW 57.33 trillion (FYE 12/08) Net Income: KRW 2.02 trillion No. of Employees: 16,434
KEY COMPETITORS
Hana Financial Group Kookmin Bank Woori Finance Holdings
DEPARTMENTS
Asset Management Corporate Banking Insurance Investment Banking & Securities Private Equity Retail Banking
EMPLOYMENT CONTACT
www.shinhan.com/en
THE SCOOP
Second-largest in the South
Shinhan Financial Group is South Korea's second-largest financial firm. The group owns numerous subsidiaries through which it provides a range of services including corporate, commercial and private banking, credit and asset management, insurance, brokerage and investment banking. Major subsidiaries include Shinhan Bank, Jeju Bank, Shinhan Card, Good Morning Shinhan Securities, Shinhan Life Insurance, Shinhan Capital, Shinhan Credit Information and Shinhan Private Equity. Shinhan has partnered with French bank BNP Paribas in a number of joint ventures. A strategic alliance agreement signed in 2001 later blossomed into Shinhan BNP Paribas ITMCa 50-50 joint venture focused on asset management. The group's relationship with BNP Paribas has since continued to grow. The French bank now owns a 50 percent share of joint venture bancassurance specialist SH&C Life Insurance, a 35 percent share of asset management subsidiary Shinhan BNP Paribas Asset Management (founded in January 2009) and a 9 percent share in the overall Shinhan group.
Customized for: vinh (phamvinh@nus.edu.sg)
The South Korean giant also runs a joint venture with Australia's Macquarie Group. Named Shinhan Macquarie Financial Advisory, the subsidiary handles investment advisory services including project and infrastructure finance, structured finance, mergers and acquisitions, capital and debt raisings, cross-border leasing and specialized fund management. Though its largest operations are in South Korea, the group has operations throughout the Asia Pacific region, as well as in North America (the U.S., Canada and Mexico) and Europe (the U.K. and Germany).
Firsties
Shinhans origins trace back to 1897 when it was established as the first bank in Korea. Originally named the Hanseong Bank, the company later relaunched the brand as Shinhan Bank in 1982. Over the following two decades, Shinhan Bank continued to develop as a major financial
265
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition Shinhan Financial Group
player within its home market, establishing a series of subsidiaries that were eventually incorporated into the Shinhan Financial Group in 2001. The group now serves over 10 million customers throughout 970 network branches in South Korea. In total, the company employs 16,434 people in 21 offices worldwide. Its Asia Pacific operations include offices in mainland China, Japan, Hong Kong, India, Singapore and Vietnam. Shinhan-KTF Mobile Card, a joint venture with KT Freetel, was established in 2008 to promote a mobile phone credit card payment service in addition to further developing a range of wireless financial services. The mobile credit system will allow users to pay for goods and services with a simple swipe of their phone and is planned to be installed in roughly 10,000 stores across South Korea.
IN THE NEWS
April 2009: Selling insurance
Shinhan agreed to sell a 35 percent stake in its SH&C Life Insurance Co. to BNP Paribas. The deal will leave Shinhan with a 15 percent piece of the insurance company, and will make SH&C Life a subsidiary of BNP Paribas.
266
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition Shinhan Financial Group
GETTING HIRED
A lot of add-ons, but not much info
Despite Shinhans emphasis on aggressive international expansion, the firms web site lacks a centralized careers page in English. There are, however, a number of complicated flowcharts about types of people the firm wants to hire at www.shinhan.com. (A sample: "Goal congruence between organizational target and individual growthMBO, BSC.") Under the "Vision of Shinhan Team Member" tab on the site, the firm professes that it spent 118 training hours and KRW 1.91 million on training expenses per person in 2008. Shinhan also reveals that it has plans to develop employees through in-house and overseas MBA programs as well as dispatching some team members to international branches for foreign experience and training. Employee benefits are numerous and quirky, including things such as a housing allowance in Korea, personal loans, tuition support for children, clothing allowance, stock ownership, an annual overseas sightseeing tour, and even "floral garlands" for weddings. Sounds nice, but there's no information on how to actually get your foot in the door for these benefits. Shinhan Financial Group's main internet portal can be accessed at www.shinhangroup.com, but visitors should be warned to only use Internet Explorer, watch out for ActiveX add-ons that the site forces on you, and make sure to disable your pop-up window blocker in order to get anywhere.
Visit Vault at www.vault.com for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.
267
THE STATS
Employer Type: Public Company Ticker Symbol: 500112 (BSE), SBIN (NSE) Chairman: Om Prakash Bhatt Net Profit: INR 91.2 billion (FYE 3/09) No. of Employees: 205,896 No. of Offices: 11,532
KEY COMPETITORS
Citigroup HDFC Bank HSBC ICICI Bank Kotak Mahindra Bank
DIVISIONS
International Banking Group Mid Corporate Group National Banking Group Rural Business Group Wholesale Banking Group
EMPLOYMENT CONTACT
Click the Recruitment link at www.statebankofindia.com
THE SCOOP
One mega bank
In India, the State Bank of India (SBI) continues to be the largest commercial bank, with total assets of over INR 96 trillion, way ahead of its closest competitor ICICI Bank. The bank is massive in terms of branchesSBI has 11,448 branches within India and 84 branches overseas. SBIs net profit has grown steadily over recent years as well. The bank recorded INR 91 billion in profits for the financial year ending March 2009, a 35 percent jump from the previous year. SBI was the first Indian bank to offer merchant banking and also the first Indian bank to launch mutual fund services in the country. Today, the bank operates through seven associate banks and six subsidiaries within India. It also has six major foreign subsidiaries across the globe. The bank's major divisions are the International Banking Group, the Wholesale Banking Group, the Mid Corporate Group, the National Banking Group and the Rural Business Group. The company also operates in a number of additional areas through the joint venture SBI Life Insurance Company, and subsidiaries SBI Capital Markets, SBI Funds Management, SBI DFHI (for securities in debt markets) and SBI Factors and Commercial Services. Overseas, the bank operates through a number of subsidiaries in Canada, the U.S., Mauritius, Nigeria, Nepal and Bhutan.
Inside view
The Wholesale Banking Group, which primarily serves the bank's largest corporate clients, is divided into three units: corporate accounts, project finance and leasing, and stressed asset management. The Mid Corporate Group performs similar functions as Wholesale Banking Group, but for mid-cap companies.
268
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition State Bank of India
Personal banking, small-and-medium-enterprises (SME) and government banking are handled through SBI's National Banking Group. Personal banking provides basic banking services including savings accounts, card services, loans and advances. The SME unit finances SMEs enterprises, while the government business unit handles tax collection and accounting for the Indian government. Rural India is where SBI is betting big for the future. Over the 2009 financial year, SBI added 481 branches in rural and semi-urban areas, bringing the total number of branches in such locations to 7,696. By the end of 2010, SBI has ambitious plans to widen its reach to cover an additional 50,000 Indian villages. The Rural Business Group provides loan assistance to farmers and marginalized people in the form of agricultural loans and micro-financing.
Winds of change
Since 1991, the Indian banking sector has undergone dramatic changes. One of the primary catalysts for these changes was the entry of private players like ICICI Bank and HDFC Bank into this sector. In order to maintain its lead in the market, SBI has taken a few important measures. The first initiative was the computerization of its huge branch network to inter-connect all of its branches, starting in June 2002. The bank also instituted as voluntary retirement scheme, which was initiated in 2001 and 2002 in order to downsize its workforce of more than 200,000. Through this scheme, employees were reduced to just over 20,000. Another significant change came in the form of business process re-engineering (BPR). According to company reports, this has helped the bank increase business per employee nearly 2.5 times in the last five years. Establishing call centers, setting up over 400 centralized processing centers, implementing alternative channels of banking like ATMs, internet banking and mobile banking were some of the major upgrades.
IN THE NEWS
April 2009: State-of-the-art infrastructure in India
SBI and Australian financial giant Macquarie Group partnered up to launch the Macquarie-SBI Infrastructure Fund (MSIF) in April 2009. MSIF raised initial capital of US$1.04 billion to invest in infrastructure projects such as roads, ports and power plants across India. R. Sridharan, the
Visit Vault at www.vault.com for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.
269
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition State Bank of India
managing director of SBI, remarked on India's infrastructure needs: "As per the Planning Commission of India estimates, the country will need close to US$500 billion in infrastructure investments in the next five years. Funding of this magnitude cannot be supported domestically alone and must be supplemented by other sources of capital." The fund has a strong supporter in the private-sector investment arm of the World Bank, the International Finance Corporation (IFC), which serves as a keystone investor and a minority shareholder in the venture.
GETTING HIRED
Join the State
India's Central Recruitment and Promotion Department (CRPD) manages the recruitment process for SBI and its associate banks. All new employees join SBI or associate banks as probationary officers. The selection process starts with a written test (objective as well as descriptive), followed by group discussions and a final interview. The objective test consists of reasoning, quantitative aptitude, general awareness, computer literacy and English language skills sections. For vacancies, click the "Recruitment" link at www.statebankofindia.com. You can also contact SBI's recruiting department directly at crpd@sbi.co.in, by phone at +91-22-2282-0427 or by fax at +91-22-2282-0411. Graduate candidates from all fields are eligible to become probationary officers. SBI employees are eligible for specialized training at the firm's colleges, situated in Hyderabad and Gurgaon. These schools include the State Bank Staff College at Hyderabad, the State Bank Academy, the Gurgaon State Bank Institute of Information and Communication Management, and the State Bank Institute of Rural Development. The bank plans to set up 3,000 more branches over next few years to support its operations in India and throughout the world. The bank recruited 33,703 new hires in the financial year ending March 2009, and plans to hire an additional 13,000 by March 2010.
270
THE STATS
Employer Type: Subsidiary of Sumitomo Mitsui Financial Group Chairman: Teisuke Kitayama President: Masayuki Oku Net Loss: JPY 301.1 billion (FYE 3/09) No. of Employees: 21,816 No. of Offices: 445
KEY COMPETITORS
Citigroup Mitsubishi UFJ Financial Group Mizuho Financial Group
DEPARTMENTS
Asset Management Investment Banking Loans Retail Banking Securities Trading
EMPLOYMENT CONTACT
www.smbcgroup.com
THE SCOOP
Pride and joy
Sumitomo Mitsui Banking Corporation (SMBC) was established in April 2001 through the merger of Sakura Bank and Sumitomo Bank, and is now Japan's third-largest bank behind Mitsubishi UFJ Financial Group and Mizuho Financial Group. The firm employs nearly 22,000 people and operates 445 offices spread throughout Japan and 20 international locations. SMBC offers services including deposits, loans, commodities trading, securities investment, domestic and foreign exchange, futures trading, bond fiduciary and registration, trust, securities brokerage and insurance. In December 2002, Sumitomo Mitsui Financial Group (SMFG) was established as the major holding company for SMBC. In addition to banking, SMFG's other main business is leasing. The company operates SMBC Leasing Co. in Japan and SMBC Leasing and Finance overseas. The parent company also owns a management consultancy, Japan Research Institute, and a credit card company, Sumitomo Mitsui Card. In September 2006, Sumitomo Mitsui Financial Group added a securities firm, SMBC Friend Securities, to its roster of companies. In the U.S., Sumitomo Mitsui Financial Group operates Los Angeles-based Manufacturers Bank in locations throughout California. Despite its entry into other markets and industry segments, Japanese banking remains SMBC's pride and joy. As of March 31, 2009, the bank had more than JPY 110 billion in assets.
Customized for: vinh (phamvinh@nus.edu.sg)
271
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition Sumitomo Mitsui Banking Corporation
Several departments within SMBC's investment banking business experienced a shake-up in 2007 as well. The firm established a new merchant banking department to help companies grow through equity and other investments. In response to a rising demand for asset management, SMBC launched a securities department that focuses on direct sales of specific investment products. Lastly, in light of reforms to the Japanese securities clearing and settlement system, SMBC revised the role of its global investor.
IN THE NEWS
May 2009: Subprime suckage
In the financial year ending March 2009, SMBC posted an overall loss of JPY 301.1 billion, despite gains in net interest income from international operations and improvements bond performance. The primary reason for the loss was the global economic downturn, which has hammered away at SMBC since the subprime lending crisis led to the global credit disaster. For a while, it seemed that Japanese banks dodged the bullet in comparison to U.S. and European banks being trashed by the subprime crisis. However, at this point in time, the crisis has cost SMBC JPY 550.1 billion.
GETTING HIRED
Do some serious digging
Getting a job offer at SMBC requires some serious digging. Job seekers can check contact information for individual branches at www.smbcgroup.com. The site includes information on branches and representative offices in Australia, mainland China, Hong Kong, Indonesia, South Korea, Malaysia, Myanmar, the Philippines, Taiwan, Thailand and Vietnam. Unfortunately, no job openings are listed on the site. Alternately, candidates can try sending their resume or CV to the human resources department at 1-2 Yurakucho 1-chome, Chiyoda-ku, Tokyo, 100-0006, Japanor call +81-3-5512-3411 to find out who to contact for job opportunities.
272
THE STATS
Employer Type: Public Company Ticker Symbol: 0086 (HKSE) Chairman: Lee Seng Huang Net Revenue: HK$2.78 billion (FYE 12/08) No. of Employees: 1,789 No. of Offices: 60+
KEY COMPETITORS
Bank of China CITIC Securities Taifook Securities Group
DEPARTMENTS
Asset Management Consumer Finance Corporate Finance Principal Investments Wealth Management & Brokerage
EMPLOYMENT CONTACT
www.shkco.com/en/careers/main.html
THE SCOOP
Here comes the Sun
Sun Hung Kai & Co. Limited is a Hong Kong-based investment holding company that operates under the name Sun Hung Kai Financial (SHKF). The firm focuses on five main business areas: wealth management and brokerage, asset management, corporate finance, consumer finance and principal investments. The corporate finance group offers IPO, M&A, corporate restructuring and capital markets advisory services. As of December 2008, SHKF had over HK$50 billion in assets under management. The firm's 1,789 employees work from more than 60 offices in Hong Kong, mainland China, Macau and Singapore. In April 2009, SHKF posted disappointing financial results for 2008, with net revenue falling HK$1.89 billion from the previous year due largely to the global financial crisis.
273
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition Sun Hung Kai Financial
IN THE NEWS
April 2009: Good morning, Vietnam
A memorandum of understanding was signed in April 2009 between SHKF and the Bank for Investment and Development of Vietnam, marking the companys further expansion in the Asia Pacific region. The two financial firms plan to establish a two-way investment joint venture in which capital, networking opportunities and market information, will be mutually shared.
274
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition Sun Hung Kai Financial
GETTING HIRED
Explore opportunities
At SHKF's careers page at www.shkco.com/en/careers/main.html, you can explore a list of the company's current job opportunities, which span all the firm's divisions. If you find a position that you think you'd be suited for, send your resume, "present and expected salary" and contact information to Sun Hung Kai's human resources department at hr@shkf.com.
Visit Vault at www.vault.com for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.
275
THE STATS
Employer Type: Public Company (and subsidiary of Haitong Securities) Ticker Symbol: 0665 (HKSE) CEO & Managing Director: Shiu Hoi Wong Net Revenue: HK$730.2 million (FYE 12/08) No. of Employees: 997 No. of Offices: 20
KEY COMPETITORS
BOC International CITIC Securities Sun Hung Kai Financial
DEPARTMENTS
Asset Management Capital Markets Securities Brokerage Services
EMPLOYMENT CONTACT
www.taifook.com/english/aboutus/jobs.jsp (English) www.taifook.com/chi/aboutus/jobs.jsp (Chinese)
THE SCOOP
Brokering across Hong Kong and mainland China
Taifook Securities Group (formerly known as simply Tai Fook) is one of Hong Kong's leading brokerage firms and offers a range of services, including capital markets, asset management and securities brokerage services. The firms clients include a large number of institutional and corporate investors as well as over 120,000 individual investors. Taifook Securities employs close to 1000 people, and is majority owned by NWS Holdings Limited, a Hong Kong-based investment holding company. Established in 1973, Taifook Securities has been listed on the Hong Kong Stock Exchange since 1996. The firm has 12 branches in Hong Kong and Macau, and six investment consultancy centers in mainland China in Beijing, Shanghai, Guangzhou, Shenzhen, Hangzhou and Xiamen. The firm has underwritten or placed shares for over 200 companies in Hong Kong on IPOs and secondary placements, and has also advised on more than 250 mergers and acquisitions, asset exchange and debt restructuring transactions. In December 2009, Taifook became a subsidiary of Chinas Haitong Securities, which purchased a 53 percent stake in Taifook for HK$1.82 billion. Haitong is the second-largest Mainland China bank (by assets). The deal marked the first time a Mainland bank took over a brokerage firm in Hong Kong.
Taifook Securities operates in six main areas. Its broking segment engages in securities, futures, options and gold bullion contracts broking and dealing. Margin and other financing handles margin financing, as well as personal and commercial loans to individuals and corporations. Corporate advisory offers placement and underwriting services. The trading and investment segment engages in investment holding in addition to trading of securities, futures, options and bullion contracts. Taifook Securities also offers financial planning and advisory services, as well as fund management, custodian and handling services, and leveraged foreign exchange trading. In March 2007, Taifook Securities expanded its asset management business with the acquisition of Kingsway Fund Management Limited.
276
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition Taifook Securities Group
True believer
Demonstrating its belief that Taifook Securities is a promising player in the Hong Kong and mainland China markets, NWS Holdings increased its stake in the brokerage to over 60 percent in June 2007. NWS had previously held 21.5 percent of Taifook Securities since 2003 and had been its largest shareholder. NWS paid US$77 million for another 41 percent of Taifook Securities, which brought its total stake to 62.5 percent.
IN THE NEWS
November 2009: Getting a new parent
Taifook Securities Group Limited agreed to sell a 53 percent stake in itself to Haitong Securities, which will pay NWS Holdings Ltd.Taifook Securities parent companyHK$1.82 billion for the stake. The deal closed the following month, in December 2009.
GETTING HIRED
Give Tai a try
Taifook Securities' English careers site is located at www.taifook.com/english/aboutus/jobs.jsp., where candidates can peruse open positions. Interested candidates can send their resume or CV with a cover letter and "current and expected salary (a must)" to hrd@taifook.com or by fax to +852-2537-5431. Be sure to cite the job's reference number. Alternately, resumes or CVs with a cover letter can be sent via snail mail to the Human Resources Department, Taifook Securities Group Ltd., 25/F New World Tower I, 16-18 Queen's Road Central, Central, Hong Kong. The firm also notes that there are more opportunities available on its Chinese site, located at www.taifook.com/chi/aboutus/jobs.jsp.
Visit Vault at www.vault.com for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.
277
THE STATS
Employer Type: Public Company Ticker Symbol: UOB (SES) Chairman: Wee Cho-Yaw CEO: Wee Ee-Cheong Net Income: SG$3.6 billion (FYE 12/08) No. of Employees: 22,299 No. of Offices: 500
KEY COMPETITORS
DBS Group Holdings OCBC Bank
DEPARTMENTS
Asset Management Corporate Banking Insurance Personal Banking Private Banking Trust Services Venture Capital
EMPLOYMENT CONTACT
Click the Careers link at the bottom of the firms home page at www.uobgroup.com Or send resumes to: 80 Raffles Pl., UOB Plaza Singapore, 048624 Fax: +65-6534-2334
THE SCOOP
Expanding across Asia Pacific
Over the past 74 years, United Overseas Bank (UOB) has grown into one of Singapore's leading financial institutions. The firm, founded by Datuk Wee Kheng Chiang, was incorporated in August 1935 as the United Chinese Bank and catered in its early years to the Fujian community. UOB officially changed its name to its current moniker in 1965. Today, UOB employs over 22,000 people and has a network of over 500 offices in 18 countries and territories in the Asia Pacific region, Western Europe and North America. The firm's subsidiaries include Far Eastern Bank in Singapore, United Overseas Bank Malaysia, United Overseas Bank Thai, PT Bank UOB Indonesia, PT Bank UOB Buana (also in Indonesia), United Overseas Bank China and United Overseas Bank Philippines. UOB provides a wide range of financial services, including personal banking, private banking, trust services, corporate banking, treasury services, asset management and venture capital. In addition, UOB is Singapore's market leader in the private residential home loan business, and with over 1.5 million cardholders, UOB is the country's leading credit and debit card company. It is also a dominant player in loans to small-and-medium-sized enterprises. UOB's fund management arm, UOB Asset Management, is one of Singapore's most-awarded fund managers.
Customized for: vinh (phamvinh@nus.edu.sg)
278
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition United Overseas Bank Limited Co.
IN THE NEWS
October 2009: Good quarter, good year (so far)
Customized for: vinh (phamvinh@nus.edu.sg)
Fort the third quarter 2009, UOB booked operating profit of S$812 million, a 14.6 percent rise versus the profit it recorded for the same period a year earlier. And for the first nine months of 2009, UOB booked operating profit of S$2.64 billion, 10.9 percent higher than the profit it made a year earlier for the same period.
Visit Vault at www.vault.com for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.
279
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition United Overseas Bank Limited Co.
GETTING HIRED
Watch the video
Settle in and watch UOB's recruitment video, learn about the perks the bank offers or just browse job listings at the "Careers" link at the bottom of www.uobgroup.com. The firm also offers a graduate careers section for students explaining their options when it comes graduate programs, as well as sections devoted to program tracks for management associates, personal banking associates and business development associates. "Outstanding performers" within the graduate program "will be rewarded with an accelerated career development path and attractive remuneration package," the firm says. To apply for any job on the site, or to submit a general application based on your area of interest, just create an account and send in your resume or CV.
Customized for: vinh (phamvinh@nus.edu.sg)
280
THE STATS
Employer Type: Public Company Ticker Symbol: WBS (ASX), WBK (NYSE) CEO: Gail Kelly Revenue: AU$29.08 billion (FYE 9/08) Net Income: AU$3.85 billion No. of Employees: 34,800 No. of Offices: 200
KEY COMPETITORS
Australia & New Zealand Bank (ANZ) Commonwealth Bank (CBA) National Australia Bank (NAB)
EMPLOYMENT CONTACT
Phone: +61-2-300-130-548
DEPARTMENTS
Bank SA BT Financial Group RAMS Home Lending St.George Bank Westpac Institutional Bank Westpac New Zealand Westpac Pacific Banking Westpac Retail and Business Banking
The Westpac Group, Westpac & RAMS www.westpac.com.au/careers St.George & BankSA www.st.george.com.au/careers BT Financial Group www.bt.com.au/careers
THE SCOOP
Supporting Australia around the globe
Through more than 200 offices and 1,200 branches, The Westpac Group's some 34,000 employees offer retail banking, investment services and corporate financial services to about 10 million customers throughout Australia, New Zealand, Asia and the neighboring Pacific islands. After acquiring Australia's fifth-largest bank, St.George Bank, in December 2008 for about AU$16 billion, The Westpac Group has grown by leaps and bounds with five major financial services brandsWestpac, St.George, BankSA, RAMS and BT. The Westpac Group has now become the second largest of the four major Australian banking groups by assets, just behind National Australia Bank (NAB) and ahead of Commonwealth Bank (CBA) and Australia & New Zealand Bank (ANZ).
Customized for: vinh (phamvinh@nus.edu.sg)
Pre-acquisition, as of the end of Westpac's fiscal year in September 2008, the firm had global assets of AU$439 billion and was ranked in the top five among listed companies by market capitalization on the Australian Securities Exchange. (With the acquisition of St.George Bank, assets had skyrocketed to over AU$594 billion as of March 2009.) For the 2008 fiscal year, Westpac recorded cash earnings of AU$3.93 billion, which surpassed its 2007 results of AU$3.51 billion. Net profit was on an upward trend as well, surpassing the record-setting AU$3.45 billion in 2007 to a new record of AU$3.85 billion in fiscal 2008. The Westpac Groups Asian strategy is to support Australian and New Zealand customers in Asia with the Westpac brand, and to provide a gateway for Asian firms and nationals interested in investing in Australasia. The firm's Singapore office, the main regional office in Asia, has been in operation since 1984. Westpac has also had a branch office in Hong Kong since 1986 and recently, in 2008, opened an office in Shanghai. Westpac has had representative offices in Jakarta since 1972, in Beijing since 1982, and in Mumbai since 2007. The firm's Pacific banking operations extend to the Cook Islands, Fiji, Papua New Guinea, Samoa, the Solomon Islands, Tonga and Vanuatu.
281
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition The Westpac Group
Striking gold
Established in 1817 as the Bank of New South Wales, Westpac is Australia's first bank as well as the country's first public company. When the bank first opened its doors, it operated from small premises leased from an ex-convict turned businesswoman. It was a challenging time of growth for the nation, and for the bank. Westpac's major expansion began after gold was discovered in New South Wales and Victoria. In 1850, it opened its very first branch outside NSW at Moreton Bay in Brisbane, and as the branches expanded, some were set up where no town yet existed. But even a branch as primitive as a tent lent stability to the rough-and-ready gold fields, and earned the respect of the hardened community. As they flourished, tents and bark huts eventually gave way to impressive, architecturally designed premises, with their solid respectability reflecting that of the bank. The name Westpac Bank was adopted in 1982, following a merger with the Victorian-based Commercial Bank of Australia Ltd. By its consolidation, Westpac became Australia's biggest banking group at the time.
Reorganized, merged
In July 2008, Westpac reorganized into four key customer-facing divisions: Westpac Retail and Business Banking (WRBB) including RAMS, BT Financial Group Australia (BTFG), Westpac Institutional Bank (WIB), and Westpac New Zealand Banking. Then, after the big December 2008 merger was completed, St.George Bank including BankSA became the fifth key division. WRBB is responsible for sales and services for consumer and business customers across Australia. Representation extends to branches, call centers, business banking centers, management of third-party distribution, automatic teller machines and online and regional banking. WRBB also manages the retail branch operations in Hong Kong and Singapore. In January 2008, Westpac acquired the RAMS Home Loans brand and distribution network. WRBB operates the RAMS distribution business separately from the existing Westpac channel and under the RAMS brand. WIB provides financial services to corporate and institutional customers through: corporate and institutional banking (including relationship management, research analysis and a global transactional banking group that provides cash management and transaction services solutions); debt markets (covering capital markets, credit portfolio management, debt capital markets and economics); foreign exchange and global energy and commodity derivatives; Hastings Funds Management Limited (for alternative asset investments, including property, economic and social infrastructure, private equity, commodities and high yield debt); equities (including equity lending, broking and equity derivatives); treasury and structured finance; finance; WIB Risk (risk management and compliance); and technology. WIB is represented across Europe and the Americas by about 65 employees in London and approximately 35 in New York. WIB has a long history in the U.K. and North Americathe London branch celebrated 150 years in the city in 2007 and is the oldest surviving foreign bank in the United Kingdom. BT Financial Group (BTFG) takes care of asset accumulation, investment management, life insurance and general insurance in Australia. Wealth management designs, manufactures and services financial products to enable customers to build, manage and protect their wealth. BTFG encompasses distribution and service points including Westpac Private Bank, financial planning and wireless router application platforms (WRAPs). Westpac New Zealand Banking provides a full range of retail and commercial services to customers throughout New Zealand. It is the leading provider of banking services for small- to medium-sized businesses and is the banker of the New Zealand government. Meanwhile, in the nearby Pacific islands, Westpac Pacific Banking provides a full range of deposit, loan, transaction account and international trade facilities to personal and business customers.
Committed to China
Customized for: vinh (phamvinh@nus.edu.sg)
One way The Westpac Group plans to grow in the region is through an expanded presence in Asia. In January 2008, the firm opened a Westpac branch in Shanghai, its first full-service overseas office in 15 years, signifying the importance of the Chinese market. The opening came after the China Banking Regulatory Commission approved The Westpac Groups application for a financial license. The Shanghai office will cater to small- and medium-sized enterprises through services such as import and export settlement. The office, which started with a fulltime staff of 15, is led by Andrew Whitford, country head of China operations. The Westpac Groups general manager of the Asia region, Yogan Rasanayakam, explained that the new office marks a significant milestone for the bank. "Given the deep trading links between China, Australia and New Zealand, it makes good business sense for Westpac to establish a branch in the financial capital of China," said Rasanayakam. "In particular, it will assist customers who are benefiting from China's demand for Australia's resources and New Zealand's agricultural products. China is now the world's growth engine and this new branch provides Westpac with a stronger capability to assist Australian, New Zealand and Chinese customers who are doing business in the region."
282
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition The Westpac Group
IN THE NEWS
September 2009: Ascalon is on
After taking on a 50 percent stake in Ascalon Capital Managers through the St.George Bank merger, The Westpac Group went ahead and bought the remaining 50 percent from Kaplan Equity in September 2009. Financial terms of the deal weren't disclosed, but the move will help The Westpac Group push further into the wealth management sector, as Ascalon, which was established by St.George in the year 2000, provides incubation support for emerging boutique funds management firms. Rob Coombe, the chief executive of The Westpac Groups wealth management division, BT Financial Group, commented, "Ascalon has a compelling business model, a very capable CEO, and a demonstrated track record of identifying talented managers who have set up a boutique business and have the potential to develop into significant participants in the Australian funds management industry."
Visit Vault at www.vault.com for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.
283
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition The Westpac Group
in the promotion of corporate responsibility, ethical business practices and industry and public leadership. Many of the companies making the cross-industry list are large multinational corporations leading their respective sectors, including Nike, Unilever and IKEA.
GETTING HIRED
Customized for: vinh (phamvinh@nus.edu.sg)
Can-do!
The Westpac Group looks for "people with a can-do attitude, who are energetic, passionate, optimistic and innovative." The firm's careers web site at www.westpac.com.au/careers has a wealth of information about what it's like to be a part of the team, and what it takes to get there. The Westpac Group also has a site dedicated to St.George careers at www.stgeorge.com.au/careers. The Westpac Group hosts graduate programs for both Westpac and St.George. At Westpac, there are two types of programs for graduates. The generalist program gives participants a taste of several business areas. At the end of the program, graduates decide where they'd like to focus their careers. Generalist programs are available in business and consumer banking, and enterprise business services, as well as the Westpac Institutional Bank. The specialist program allows graduates to focus on a chosen field, sampling different departments during the
284
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition The Westpac Group
time of placement. Specialist programs are available in accounting, agribusiness, financial markets, information technology, legal, operations, human resources and risk. The Westpac Group also operates a network for alumni who have taken part in graduate programs. At St.George, graduates take part in rotations in sales, lending, risk, and compliance and credit.
Visit Vault at www.vault.com for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.
285
THE STATS
Employer Type: Public Company Ticker Symbol: WF (NYSE) Chairman & CEO: Pal-Seung Lee No. of Employees: 23,000 No. of Offices: 1,322
KEY COMPETITORS
Shinhan Financial Group KB Financial Group (formerly known as Kookmin Bank)
DEPARTMENTS
Asset Management Bancassurance Capital Markets Commercial Banking Credit Card Services Investment Banking Lease Services Security Brokerage
THE SCOOP
Bank number won
Set up in 2001, Woori Financial Group (WFG) became South Koreas first financial holding company. The group operates eight subsidiaries, which were brought into the fold through a series of mergers and acquisitions. In the commercial banking sector, these subsidiaries include Woori Bank, the second-largest commercial bank in South Korea, Kwangju Bank and Kyongnam Bank. WFG also operates in the areas of securities, life insurance, asset management, financial information and private equity. The company employs 23,000 people and serves a network of 17 million commercial and retail customers in 1,322 locations across the globe.
An integrated platform
After WFG was officially launched in April 2001, the company integrated a number of key components during its first three years of operation; these included the incorporation of Woori Financial Information System, Woori Financial Asset Management, Woori Securities and Hanaro Investment Bank, which was soon renamed Woori Investment Bank. At the end of 2001, the company also launched the first Woori Credit Card. WFG was listed on the New York Stock Exchange (NYSE) in 2003, which led to management restructuring the following year. The second phase of WFGs development saw the company acquire a number of local businesses, along with the formation of new partnerships. Among the purchases during this period of growth were LG Investment Securities and LG Investment Trust, the latter of which was merged with the groups asset management wing in 2005. In 2006, WFG reached an agreement with Credit Suisse to build a joint-venture asset management entity. Since 2007, the company has also branched into the insurance business by acquiring LIG Life Insurance.
IN THE NEWS
April 2009: Hey big lender
Woori Bank announced that it had borrowed a total of US$300 million from JP Morgan Chase & Co. and Deutsche Bank AG in two long-term lending contracts. These actions, made without a payment guarantee from the South Korean government, reflected investor confidence in the
286
Vault Guide to the Top 25 Asia Pacific Banking Employers, 2010 Edition Woori Financial Group
bank. Previously, in February 2009, when Woori Bank did not redeem US$400 million in bonds due to mature in 2014, the bank underwent a sell-off in its debt.
GETTING HIRED
Send it in
The firms website doesnt host a careers section, so interested candidates should contact the firm about jobsand perhaps include your resume when sending inquiriesvia mail (20F 203 Hoehyeon-dong 1-ga/Jung-gu Seoul 100-792 Korea), phone (82 2 2125 2000), fax (82 2 2125 2291) or email (woorifg@woorifg.com).
Visit Vault at www.vault.com for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.
287
289